Lump-Sum Liquidation Mary, Angela and Candy have decided to liquidate their partnership on Dec. 1, 2017. The statement of financial position is shown below: MAC Partnership Statement of Financial Position Dec 1, 2017 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 Accounts Payable P240.000 Loan Payable-Baotilles 30,000 Mary, Capital 120,000 Angela, Capital 50.000 Candy, Capital 60.000 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, 2020, are presented below: Mary Angela Candy Personal assets P250.000 300.000 P350,000 (325,000) Personal net worth | P20,000 PEO,OUP 25,000 b) Mary, Angela and Candy share profits and losses in the ratio 20-40:40, respectively. c) In the partnership agreement, interest will not accrue on partners' loan balances during the liquidation process. d) All of the non-cash assets were sold on Dec. 10, 2017 for P260,000. Required: 1. Prepare the liquidation journal entries. 2 Prepare the statement of liquidation.

Lump-Sum Liquidation Mary, Angela and Candy have decided to liquidate their partnership on Dec. 1, 2017. The statement of financial position is shown below: MAC Partnership Statement of Financial Position Dec 1, 2017 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 Accounts Payable P240,000 Loan Payable-Baotlles 30,000 Mary, Capital 120,000 Angela, Capital 50.000 Candy, Capital 60.000 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, 2020, are presented below: Mary Angela Candy Personal assets P250.000 P300.000 P350,000 (325,000) Personal net worth P20,000 P GO OUP 25,000 b) Mary, Angela and Candy share profits and losses in the ratio 20:40:40, respectively. c) In the partnership agreement, interest will not accrue on partners loan balances during the liquidation process. d) All of the non-cash assets were sold on Dec. 10,2017 for P260,000. Required: 1. Prepare the liquidation journal entries. 2 Prepare the statement of liquidation