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The ledger of SOMATRA Company shows the following accounts on December 31, 2014:
Cash P100,000 Accounts Payable P220,000
Non-cash Assets 370,000 Rannie, Loan 10,000
Sonia, Capital 130,000
Matty, Capital 70,000
Rannie, Capital 40,000
problem 1: The partnership was liquidated by selling the noncash assets for P190,000. Among the partners, only Sonia is personally solvent. They divide profits and losses 30%, 30%, and 40% to Sonia, Matty, and Rannie, respectively. How much cash will Sonia receive at the end of the liquidation process?
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