Jackie, Karla and Linda are partners with profit and loss ratio of 50%, 30%, and 20%, respectively. The partners decided to liquidate the partnership effective January 1, 2020. The partnership trial balances on December 31, 2019 were as follows: Debit Credit Cash P 12,500 Non-cash assets 112,500 Liabilities to CreditorS ....... . . P 33,750 Loan payable - Linda 3,750 Jackie, Capital 45,000 Karla, Capital 30,000 Linda, Capital 12,500 Totals ... . .. .. P 125,000 _P 125,000 Required: Prepare a statement of liquidation. The non-cash assets are sold for P28,125 and liquidation expenses of P1,875 are paid. Linda is insolvent and is unable to repay the partnership for the debit balance