Problem 1. A, B and C partnership is being liquidated. The current balance sheet is shown here: Cash Other assets Accounts payable A, Capital (30%) B, Capital (40%) C, Capital (30%) 25,000 120,000 40,000 31,000 65,000 9,000 Required: Prepare a schedule of partnership liquidation for each of the following independent cases: a. Non-cash assets are sold for P60,000, and any partner with a deficit is unable to eliminate any of the deficit. b. Non-cash assets are sold for P60,000, and any partners with a deficit is able to invest cash equal to the amount of the deficit. c. Non-cash assets are sold for P50,000, and any partner with a deficit is able to invest up to P8,000 cash in the partnership. Problem 2. A, B and Care partners decided to liquidate the partnership on December 31, 2019. All partners are personally insolvent. The firm's statement of financial position on this date is as follows: Assets Liabilities and Capital Cash Other assets 5,430 61,870 Accounts payable A, Loan A, Capital(50%) B, Capital(30%) C, Capital 20% Total liabilities and capital 12,892 8,000 16,402 5,469 24,537 67,300 Total assets 67,300 The following data relate to the realization of other assets: January February March Book value 24,700 33,170 4,000 Cash realized 20,120 21,000 3,700 Cash withheld Liquidation expenses 3,000 2,750 800 1,600 200 Requirement: Prepare the statement of liquidation and determine payment to partner for each month