PPP, QQQ and RRR have decided to liquidate their partnership on May 31, 2020. At this time, the partnership has total recorded assets of P2,200,000 and substantial liabilities. Prior to liquidation, cash balance in the company's bank account is P300,000. The partners' capital balances, loan balances, profit and loss ratio, and other information are as follows (see image below):

Book value of non-cash assets were realized as follows: June - 60%; July - 25%; August - 15%

PPP QQQ RRR Capital Balance 500.000 380.000 250.000 Loans/Receivables from Partners 0 (44.000) 6.000 P&L ratio 40% 28% 32% The assets of the partnership are liquidated and liabilities are paid as follows: JUNE JULY AUGUST Proceeds from realization 954.000 352.000 30.000 Payment of liabilities 620.000 250.000 balance paid Liquidation expenses paid 36.000 12.000 14.000 Payment to partners 122,000 328.000 all cash