Fred, Fely and Flor, partners , share profits in the ratio of 3:5:2 respectively. The following are the balances of Triple F, on June 30, 2010 when they decided to liquidate:

Cash P60,000

Non-cash Assets. P2,700,000

Liabilities. P1,750,000

Fred, Capital. P350,000

Fely, Capital. P450,000

Flor, Capital. P210,000

Personal records of the partners show:

Assets. Liabilities

Fred. P400,000. P450,000

Fely. P250,000. P280,000

Flor. P304,000. P300,000

A competitor bought the Non-Cash assets for P950,000 and assumed the long term liabilities of P750,000. Give a statement of liquidation with entries.