Justine, Lorenz and Benedict who share profits and losses in the ratio of 5:3.2 decided to liquidate their partnership on My 31, 2019. Below is the statement of financial position just prior to liquidation JLB Partnership Statement of Financial Position May 31, 2019 Liabilities and Partners' Capital Assets P 40,000 680,000 Liabilities Lorenz, Loan Justine, Capital Lorenz, Capital Benedict, Capital Cash Other Assets P 224,000 26,000 190,000 120,000 160,000 P720,000 Total Liabilities and Capital Total Assets P 720,000 Required: Statement of Liquidation and appropriate journal entries assuming that other assets were a. sold at P400,000