King, Queen and Prince are partners sharing profit and loss in the ratio of 2:1:1 respectively. Their capital balances are P400,000 for King. P200,000 for Queen and P100,000 for Prince. Claims of suppliers amounted to 500,000 including the loan extended by Prince, P50,000. The cash balance amounted to P300,000 and it increased to P1,050,000 as a result of the sale of the non-cash assets. Encircle the letter of your choice: 12. How much was the non-cash assets of the partnership? a. P950,000 b. P1,250,000 c. P1,200,000 d. P900,000 13. How much was the cash proceeds? a. P1,100,000 b. P800,000 c. P750,000 d. P1,050,000 e. answer not given e. answer not given jono od 14. How much was the available cash for distribution to the partners? a. P650,000 c. P600,000 b. P700,000 d. P750,000 15. How much cash will Prince receive? a. P112,500 c. P137,500 d. P187,500 b. P62,500 Use the following table: Explanation Balances before liquidation 344 diving Cash Claims of suppliers King Queen Prince