Make a statement of liquidation

Balance Sheet (after adjusting and closing) Cash P 10,000 Total liabilities P 30,000 Jane, capital 40,000 Land 60,000 Elaine, capital 20,000 Building (net) 30,000 Mark, capital 10,000 Total assets P100,000 Total P100,000 Assume that Jane, Elaine, and Mark have shared profits and losses in the ratio of 3:1:1 (3/5, 1/5, 1/5). Assume that all of the noncash assets are sold for P150,000 for a gain of P60,000. Liquidate the partnership and follow the usual process of liquidating the partnership