Romeo, Sally and Tito are partners having capitals of P64,000, P80,000, and P56,000, respectively.They share earnings as follows:

Romeo30%

Sally 40%

Tito 30%

100%

They sold their non-cash assets for a lump sum of P280,000, which increased the firm's cash to P300,000.It was agreed by the partners that half of the gain be first credited to Tito and the remaining gain on realization would then be divided among the three of them.There are no liabiities.

Required: Working paper for the statement of Liquidation.