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Problem 1: 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. The loss on realization of the non-cash assets was:
a. P14,000
b. P28,000
c. P40,000
d. P42,000
e. None of the above
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