Statement of Liquidation

On December 31, 2022, the Statement of Financial Position of Abacus Partnership with profit or loss ratio of 6:1:3 of partners Abba, Baba and Cusi respectively, revealed the following data:

Cash P 1,000,000

Receivable from Abba 500,000

Non cash 2,000,000

Total assets 3,500,000

Other liabilities P 2,000,000

Payable to Baba 1,000,000

Payable to Cusi 100,000

Abba, Capital 700,000

Baba, Capital (650,000)

Cusi, Capital 350,000

Total liabilities and capital 3,500,000

On January 1, 2023, the partners decided to liquidate the partnership. All partners are legally declared to be personally insolvent. The non-cash assets were sold for P1,500,000. Liquidation expenses amounting to P100,000 were incurred.

Required:

Prepare Statement of Liquidation.

How much cash was received by Abba, Baba and Cusi upon partnership liquidation?