It is about partnership liquidation

Exercise 2 Using exercise 1: a. Prepare a cash priority program b. How should the following amounts of cash available for distribution to partners be divided among them using the priority program Exercise 3 Burgos, Campos and Suarez who have been dividing profits and losses in the ratio of 5:3:2, decided to dissolve their partnership as of October 31 ,2020. Their account balances are as follows: Debit Credit Cash P10,000 Accounts Receivable 45,000 Allowance for bad debts P2,200 Inventory 60,000 Furniture 30,000 , . . _. (\\an Exercise 1: The condensed balance sheet of Sanros and Company on January 31, 2019 folows: Cash P33,440 Liabilities P7,120 Non-cash assets 44,510 Danilo, Loans 5,000 Goodwill 20,000 Danilo, Capital 8,040 Romeo, Capital 32,160 Sanros, Capital 36,340 _ Celso, Capital 9,290 P97,950 P97,950 The partners agreed to dissolve their partnership and begin liquidation of the business on February 1, 2019. Romeo was instructed to act as partner in charge of liquidation. It was agreed that distribution of cash to the partners would be made on the last day of each month during the liquidation period, provided there was sufficient cash on hand for this purpose. The partnership agreement provided that profits were to be shared: Danilo, 20%; Romeo, 30%; Sanros, 30%; and Dennis, 20% The liquidating transactions for February, March and April, other than cash distribution to partners, were as follows: Book Cash Accounts Payable Liquidation Value Collected paid expenses paid February P22,000 P16,400 P5,910 P2,740 March 14,950 16,110 1,2 10 2,460 April 27,560 6,000 - - Instructions: 1. Prepare the liquidating statement for February to April, 2019 2. Prepare the journal entries to be made on the books to record the realization of the assets and the distribution of the proceeds therefrom. Exercise 3 Burgos, Campos and Suarez who have been dividing profits and losses in the ratio of 5:3:2, decided to dissolve their partnership as of October 31 ,2020. Their account balances are as follows: Debit Credit Cash P10,000 Accounts Receivable 45,000 Allowance for bad debts P2,200 Inventory 60,000 Furniture 30,000 Allowance for depreciation 9,500 Accounts Payable 15,000 Loan Payable - PNB 50,000 Burgos, Loans 20,000 Burgos, Capital 8,200 Campos, Capital 26,000 Suarez, Capital 14,100 P145,000 P145,000 The results of the liquidation are as follows: November December Assets realized Accounts Receivable P24,000 P15,000 Inventory 32,000 16,000 Furniture 17,000 5,000 Liabilities paid Accounts Payable 9,000 6,000 Loans Payable - PNB 22,000 28,000 Liquidation expenses paid 2,500 Payment of liability previously unrecorded 2,000 Estimated future expenses 3,000 REQUIREMENT Statement of Liquidation with accompanying schedule