The assets and equities of the Perdales, Ceballus, and Bandonell partnership at the end of its fiscal year ended Oct. 31, 2018 are as follows:

ASSETS EQUITIES

Cash 15,000 LIABILITIES 50,000

Receivable- Net 20,000 Loan from Bandonelle 10,000

Inventory 40,000 Perdales, Capital (30%) 45,000

Property and Equipment 70,000 Ceballus, Capital (50%) 30,000

Loan to Ceballos 5,000 Bandonell, Capital (20%) 15,000

TOTAL 150,000 TOTAL 150,000

The partners decided to liquidate the partnership. They estimated that the noncash assets, other than the loan to Ceballus, can be converted into P100,000 cash over the 2-month period ending Dec. 31, 2018. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process.

Required:

1. The partner most vulnerable to partnership losses on liquidation is ________
2. If P65,000 is available for first distribution, it should be paid to

Priority Creditors________

Perdales__________

Ceballus__________

Bandonell___________

3.If a total amount of P7,500 is available for distribution to partners after all outside liabilities are paid, it should be paid as follows:

Perdales________

Ceballus_________

Bandonell________

Note: Please refer to the attached image. Thank you!

The assets and equities of the Perdales, Ceballus and Bandonell partnership at the end of its fiscal year ended Oct. 31, 2018 are as follows: ASSETS EQUITIES Cash P15.000 Liabilities P50,000 Receivable -Net 20,000 Loan from Bandonell 10,000 Inventory 40,000 Perdales, Capital (30%) 45,000 Property and Equipment 70,000 Ceballus, Capital (50%) 30,000 Loan to Ceballos 5,000 Bandonell, Capital (20%) 15.000 P150.000 P150.000 The partners decided to liquidate the partnership. They estimated that the non-cash assets, other than the loan to Ceballus, can be converted into P100,000 cash over the two-month period ending Dec. 31, 2018. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process. Required: 1. The partner most vulnerable to partnership losses on liquidation is 2. If P65,000 is available for the first distribution, it should be paid to - Priority Creditors Perdales Ceballus Bandonell 3. If a total amount of P7,500 is available for distribution to partners after all outside liabilities are paid, it should be paid as follows: Perdales Ceballus Bandonell