foregoing transactions computation for the journal entries presented. Problem II Julius, Rakim, and Kera are partners in a partnership and share profits and losses 40%, 40% and 20%, respectively. The partners have agreed to liquidate the partnership and anticipate the liquidation expenses will total P14, 000. liquidation, the partnership balance sheet reflects the following book values: Prior to the Cash Noncash Note payable to Kera Other liabilities P 25,000 200,000 12,000 165,000 40,000 18,000 (10,000) Capital, Julius Capital, Rakim Capital deficit, Kera Required: Assuming that the actual liquidation expenses are P20, 000 and that noncash assets are sold for P160, 000 , determine how the assets will be distributed. Kera has net personal assets of P10, 000