L Aparece, Bantilles and Lerin have decided to liquidate their partnership on Dec. 1, 2015. The statement of financial position is shown below: ABL Partnership Statement of Financial Position Dec. 0, 2015 Assets Cash P 25,000 Accounts Receivable (net) 75,000 Inventories 100,000 Property and Equipment (net) 300,000 Total Assets P 500,000 Liabilities and Capital Liabilities Accounts Payable P 240,000 Loan Payable-Bantilles 30,000 Total Liabilities P270,000 Capital: Aparece, Capital P120,000 Bantilles, Capital 50,000 Lerin, Capital 60,000 Total Capital 230,000 Total Liabilities and Capital P500,000 Additional information: a. The personal assets (excluding partnership capital and loan interests) and personal liabilities of each partner as of Dec. 1, 2015, are presented below: Aparece Bantilles Lerin Personal assets P 250,000 P300,000 P350,000 Personal liabilities (230,000) (240,000) (325,000) Personal net worth P 20,000 P60,000 P25,000 b. Aparece, Bantilles, and Lerin share profits and losses in the ratio 20:40:40, respectively. c. According to the partnership agrrement, interest will not accrue on partners' loan balances during the liquidation process. d. All of the non-cash assets were sold on Dec. 10, 2015 for P260,000.

Required: statement of liquidation.