George, Bill, Donald and Joe formed the Uncle Sammy Partnership and engaged in the business of supplying vaccines to various countries in the world. The contributions are as follows:

Bush Land and building (assessed value: P100Million)

Bill P100 Million

Donald P200Million + movables (appraised value: P100Million)

Joe Industrial partner

At the end of the term of the partnership, the following are the circumstances of the partnership:

Collectibles from customers buying on credit P300Million

Inventory P500Million worth of vaccines

Other property assets P500Million

Bank deposits P300Million

Shares of stock in Aunt Amie Corp. P5Million

Unpaid salaries of employees P1Million

Utilities (current) P500Thousand

Payable to suppliers P200Million

Bank loan balance P50Million

Payable to Donald P25Million

Pledged donation to victims of Covid P5Million

Miscellaneous expenses at time of dissolution P1Million

Several months ago, Bills ex-girlfriend Monika filed a case for damages against Bill and the court ordered Bill to pay her a settlement amount of P2Million. Bill charged the amount to his share in the Uncle Sammy Partnership.

1. What is the cause of dissolution of Uncle Sammy Partnership?

2. What are the assets of Uncle Sammy Partnership?

3. What are the liabilities of Uncle Sammy Partnership?

4. What is the effect of the personal liability of Bill to Monika charged

to his share in the partnership?

5. Wind up the partnership affairs (of Uncle Sammy Partnership).