Homework Help [Partnership Liquidation - Lump Sum]

Hello, need help answering the attached exercise related to partnership. Please provide solutions and detailed explanations.

Use the following information for nos. 13 to 15. The Kit Leonard and Mediv partnership had the following balance sheet just before entering liquidation: Cash P 10 , 000 Liabilities P. 130, 000 Non -cash 300, 000 Kit , capital ( 20% ) 60, 000 Leonard , capital 40, 000 ( 40% ) Mediv , capital 80, 000 ( 40% ) Total assets'\\ P 310, 000 Total liabilities P 310 , 000 and capital Non- cash assets were sold for $ 180 , 000 . Liquidation expenses were P10 , 000 . Assume that Kit and Leonard are both personally insolvent . 13 . What amount of cash could Kit's personal creditors have* expected to receive from partnership assets ? 14 . Assume this time that Leonard is personally solvent . How much will be the amount of cash that Kit's creditors could* expect from partnership assets ? 15 . What is the minimum amount that the non-cash assets could be sold so that no partner will have capital deficiency