Prepare the Dec. 31, 2019 shareholders' equity section of the statement of financial

position.

Fel, Tria and Mara are partners in a public relations firm and share profits and losses of 2:2:1,

respectively. They decided to liquidate their business on Dec. 31, 2019. The following is the

condensed statement of financial position prepared prior to liquidation:

Fel, Tria and Mara

Statement of Financial Position

December 31, 2019

Assets

Cash P200,000

Non-Cash Assets 3,400,000

P3,600,000

Liabilities and Capital

Liabilities P1,120,000

Tria, Loan 50,000

Mara, Loan 80,000

Fel, Capital 950,000

Tria, Capital 600,000

Mara, Capital 800,000

Total Liabilities and Capital P3,600,000

Post to T-accounts the effects of the transactions journalized starting with the January 1 beginning balances

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