Marinel, Chesca and Denise are partners in MCD Partnership, share profit and loss in the ratio of 4:3:3, respectively. Due to continuing losses, they decided to liquidate their partnership. At the time of liquidation, the following balances were available:

Cash	P100,000
Non-cash Assets	500,00
Liabilities	120,000
Marinel, Capital	300,000
Chesca, Capital	150,000
Denise, Capital	30,000

Non-cash assets were sold at P600,000.

Requirements:

1.Prepare statement of liquidation

2. Prepare related journal entries.

Note: Use excel and favor to send it to my email. riegolorraine65