PROBLEM 2 The partnership of TYPAKLONG was dissolved, and by July 1, 2020, all assets had been converted into cash and all partnership liabilities were paid. The partnership balance sheet on July 1, 2020 (with partner residual profit and loss sharing percentages) was as follows: Cash P 20,000 P LONGE, capital(30%) TY, capital(40%) PAKYAW, capital(30%) 80,000 (40,000) (20,000) Total assets 20,000 Total equity 20,000 The value of partners' personal assets and liabilities on July 1, 2020 were as follows: Personal assets Personal liabilities TY 90,000 P 60,000 PAKYAW 60,000 P 40,000 LONGE 50,000 20,000 Required: Prepare the final statement of partnership liquidation. PROBLEM 3 The balance sheet of the ULOPONG partnership on July 1, 2020 (before commencement of partnership liquidation) was as follows: Cash Inventory Loan to ULYSIS Loan to PONGA Plant assets-net 29,000 30,000 4,000 7,000 35,000 Accounts payable Notes payable ULYSIS, capital (40%) LOIU, capital (25%) PONGA, capital (35%) 17,000 31,000 12,000 13,000 32,000 Total assets 105,000 Total liab./equity 105,000 Liquidation events in July were as follows: - The inventory was sold for P5,000 above book value; - Plant assets with a book value of P30,000 were sold for P17,000. Required: Determine how the available cash on July 31, 2020 of ULOPONG should be distributed