The liabilities and capital balances of The liabilities and Capital Balances of the partners before the sale of the assets and payment of liabilities including personal assets and liabilities of the partners were:

Partnership. Personal

Assets

Cash P10,000.

Liabilities. P70,000

Katherine. P65,000. P1,200,000

Pauline. P20,000. P2,500,000

Jasmine. P15,000. P3,000,000

Personal Liabilities

Cash

Liabilities

Katherine. P1,500,000

Pauline. P2,490,000

Jasmine. P3,200,000

Ater the assets were sold the capital balances of the partners were as follows: Katherine, P48,000; Pauline, P12,000; and Jasmine ,(P10,000).

a. What was the profit and loss ratio of the partners?

b. How much was the cash available for distribution to the partners?

c. How much will Pauline receive?

Hint: Give a statement of liquidation. Fill up known items and solve for the missing items.