The partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. Profits and losses are shared 50%; 30%; and 20%, respectively. Guess, Drawing (debit balance) Levis, Drawing (debit balance) Jag, Loan Guess, Capital Jag, Capital Levis, Capital P (32,000) (12,000) Required: 1. The total loss from the liquidation of the partnership 2. Prepare the statement of liquidation. 3. Journal entries to record the liquidation 40,000 164,000 134,000 144,000 Total assets amounted to P 638,000, including cash of P 70,000, and P 200,000 worth of liabilities. On January 2019, the partnership was liquidated, and Jag received P 111,000 cash as final settlement. B. Partners Pisces, Gemini and Leo have capital balances of P 11,200; P 13,000 and P 5,800 respectively and share profits and losses in the ratio 4:2:1. Required: 1. Prepare a schedule showing how cash will be distributed to partners as it becomes available. 2. Determine how much must the partnership realize on the sale of its non-cash assets if Pisces is to receive P 10,000 as final settlement. 3. If Pisces receives a total of P 3,200 in cash, determine how much will Leo have received at this point. 4. If Pisces is personally insolvent and Gemini receives a total of P 1,800 in final liquidation of the partnership, determine the firm's loss on liquidation.