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Manalo and Maputi are about to liquidate their partnership. They each have P400,000 capital balances, and they share profits and losses in a 3:1 ratio, respectively. In addition, the partnership has P500,000 in cash, P900,000 in noncash assets, and P600,000 in accounts payable. Assuming that the noncash assets are sold for P340,000 on December 31, 2016 and that both partners are personally solvent: Required: Problem a. Prepare statement of liquidation for the period ending December 31, 2016.
Problem b. Prepare the necessary journal entries as at December 31, 2016.
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