Lump-Sum Liquidation The NPC partnership has suffered financially due to poor results of operations for the past three years. Narvaez, Pascual and Corleto shares profits and losses in the ratio of 1:3:6, respectively. Disillusioned by the setback, the partners are considering the liquidation of their partnership. The following is the condensed partnership statement of financial position as at March 31, 2006, the end of the fiscal year: Cash P 270,000 Liabilities P1.310.000 Non-cash Assets 2.020,000 Narvaez, Capital 210.000 Pascual, Capital 390,000 Corleto, Capital 380.000 Total Assets P2.290,000 Total Equities P2.290,000 Required Prepare liquidation schedules assuming that the non-cash assets will be sold for: 1 P2.120,000 2. P1,820.000