THE FOLLOWING CONDENSED STATEMENT OF FINANCIAL POSITION IS PRESENTED FOR THE PARTNERSHIP OF RIMES RAYE AND CO

Assets Liabilities & Capital Cash P 200,000 Accounts Payable P 300,000 Other Assets 600,000 Rimes, capital (40%) 80,000 Raye, capital (30%) 360,000 Collin, capital (30%) 60,000 Total P 800,000 Total P 800,000 The partners agreed to liquidate the partnership after selling the other assets for P200,000. Upon liquidation of the partnership, Rimes should have received