Loy, Mon and Boy operate a business as a partnership and share net income (and net loss) in a 3:3:4 ratio, respectively. Complete the statement of liquidation assuming the personal assets and liabilities of the partners, gathered from their personal records, show:

Assets

Loy(General Partner). P470,000

Mon(General Partner). P200,000

Boy(Limited Partner). P305,000

Liabilities

Loy(General Partner). P450,000

Mon(General Partner). P280,000

Boy(Limited Partner). P300,000

Assets are sold for P175,000. Liabilities are paid as soon as cash is available. Creditors collect from solvent partners, whenever necessary.

Cash. Non-Cash.

Balances. P10,000. P375,000

Accounts. Loan,

Payable. Boy

Balances. P200,000. P5,000

Capital Balances

Loy. Mon. Boy

Balances. P50,000. P70,000. P60,000