On December 31, 2014, the accounting records of MMM, NNN, and OOO Partnership (a general partnership)...

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On December 31, 2014, the accounting records of MMM, NNN, and OOO Partnership (a general partnership) included the following ledger account balances: MMM, drawing 000, drawing NNN, loan MMM, capital NNN, capital 000, capital (Dr.) Cr. P( 60,000) (22,500) 75,000 307,500 251,250 270,000 Total assets of the partnership amounted to P1,196,250, including P131,250 cash, and partnership liabilities totaled P375,000. The partnership was liquidated on December 31, 2011, and 000 received P208,125 cash pursuant to the liquidation MMM, NNN, 000 shared net income and losses in a 5:3:2 ratios, respectively. What is (1) the amount realized from the sale of non-cash assets; (2) the cash balance after payment of liabilities. On December 31, 2014, the accounting records of MMM, NNN, and OOO Partnership (a general partnership) included the following ledger account balances: MMM, drawing 000, drawing NNN, loan MMM, capital NNN, capital 000, capital (Dr.) Cr. P( 60,000) (22,500) 75,000 307,500 251,250 270,000 Total assets of the partnership amounted to P1,196,250, including P131,250 cash, and partnership liabilities totaled P375,000. The partnership was liquidated on December 31, 2011, and 000 received P208,125 cash pursuant to the liquidation MMM, NNN, 000 shared net income and losses in a 5:3:2 ratios, respectively. What is (1) the amount realized from the sale of non-cash assets; (2) the cash balance after payment of liabilities.

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