Performance Task Partnership Liquidation Installment Liquidation Problem 1: The Statement of Financial Position for Palacio and Lagustan Partnership on June 1, 2021 before liquidation is as follows: Assets Liabilities and Capital Cash P 50,000 Liabilities P 200,000 Non-cash Assets 550,000 Palacio, Capital 225,000 Lagustan, Capital 175,000 Total Assets. 600,000 Total Liabilities