On January 1, 20x1, the partners of ABC Co. decided to liquidate their partnership. The following information was made available:

Cash 20,000

Accounts receivable 60,000

Inventory 120,000

Equipment 300,000

Total 500,000

Accounts payable 30,000

Payable to B 20,000

A, Capital (20%) 100,000

B, Capital (30%) 150,000

C, Capital (50%) 200,000

Total 500,000

Case #1:

Information on the conversion of non-cash assets is as follows:

a. P50,000was collected on accounts receivable; the balance is uncollectible.

b. P70,000 was received for the entire inventory.

c. The equipment was sold for P250,000

d. P2,000 liquidation expenses were paid.

1. The net cash proceeds from assets excluding cash?
2. The carrying amount of non-cash assets?
3. The total loss on sale?
4. The amount of cash used topay partners capitals