1. UV, PX, and TG are partners who share profits and losses as follows: UV 45%, PX 15% and TG 40%.

The Statement of Financial

Position of VXG Partnership as of December 31, 2012 is given below:

VXG Partnership
Statement of Financial Position
As of December 31, 2012
Assets Liabilities and Equity
Cash P268,000 Liabilities P532,000
Noncash Assets 1,940,000 Loan from PX 44,000
UV, Capital 694,000
PX, Capital 354,000
TG, Capital 584,000
Total assets PP2,208,000 Total Liabilities & Equity P2,208,000

On January 1, 2013, the partners decided to liquidate. For the month of January, 600,000 of noncash assets were sold at a gain of
P56,000. Cash withheld for possible liquidation expenses and unrecognized liabilities amounted to P146,800.

2. HM, CM and DM of The M3 Partnership has the following account balances before liquidation:

Cash P420,000 Liabilities P524,000

Noncash assets 3,880,000 Loan from DM 100,000
Loan to CM 192,000 HM, Capital (25%) 1,120,000
Receivable from HM 44,000 CM, Capital (15%) 1,624,000
Expenses 2,556,000 DM, Capital (60%) 2,256,000
Revenues 1,468,000

During June, 450,000 noncash assets were sold that resulted to a gain of 72,000. Liquidation expenses of P124,000 were paid and
additional expenses amounting to P96,000 were expected to be incurred through the following months of liquidating the partnership.
Liabilities to outsiders amounting to P316,000 were paid.

1. UV, PX, and TG are partners who share profits and losses as follows: UV 45%, PX 15% and TG 40%. The Statement of Financial
Position of VXG Partnership as of December 31, 2012 is given below:

VXG Partnership
Statement of Financial Position
As of December 31, 2012
Assets Liabilities and Equity
Cash P268,000 Liabilities P532,000
Noncash Assets 1,940,000 Loan from PX 44,000
UV, Capital 694,000
PX, Capital 354,000
TG, Capital 584,000
Total assets PP2,208,000 Total Liabilities & Equity P2,208,000

On January 1, 2013, the partners decided to liquidate. For the month of January, 600,000 of noncash assets were sold at a gain of
P56,000. Cash withheld for possible liquidation expenses and unrecognized liabilities amounted to P146,800.

2. HM, CM and DM of The M3 Partnership has the following account balances before liquidation:

Cash P420,000 Liabilities P524,000

Noncash assets 3,880,000 Loan from DM 100,000
Loan to CM 192,000 HM, Capital (25%) 1,120,000
Receivable from HM 44,000 CM, Capital (15%) 1,624,000
Expenses 2,556,000 DM, Capital (60%) 2,256,000
Revenues 1,468,000

During June, 450,000 noncash assets were sold that resulted to a gain of 72,000. Liquidation expenses of P124,000 were paid and
additional expenses amounting to P96,000 were expected to be incurred through the following months of liquidating the partnership.
Liabilities to outsiders amounting to P316,000 were paid.