Dominador Dizo, John Mark Cadua and Rosanna Coloso share profit and loss ratio of 2:1:2 decided to

liquidate their partnership on December 31, 20B. Their Statement of Financial Position is shown below:

Centerpoint Commercial

Statement of Financial Position

As of 31 December 20B

Assets Liabilities and Partners Equity

Cash P30,000 Liabilities P49,000

Non cash 340,000 Dizon, loan 20,000

370,000 Dizon, capital 95,000

Cadua, capital 100,000

Coloso, capital 106,000

Total 370,000

Assume: Deficient partners are insolvent and absorbed by the solvent partner.

Instruction: Prepare Statement of Partnership Liquidation in five (5) separate cases and corresponding

journal entries in entries in recording the liquidation process.

a). Non cash assets were sold for P350,000

b). Non cash assets were sold for P200,000

c). Non cash assets were sold for P90,000

d). Non cash assets were sold for P60,000

e). Non cash assets were sold for P40,000