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Find the loss on realization of the non-cash assets

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Question - As of July 1, 2011, Simon, Orenda and Solomon, partners sharing profits and loss 3:2:1 have capital balances of P40,000, P 25,000 and P 5,000, respectively. The partners decided to dissolve and liquidate. After realizing P 37,000 cash from all non-cash assets and paying all liabilities amounting to P 12,000, there is still P56,000 cash left for distribution. Find the loss on realization of the non-cash assets?

a. P14,000

b. P28,000

c. P40,000

d. P42,000

e. None of the above

Reference no: EM132777867

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