Transcribed Image Text: The balance of the partnership of cel and Paul as of December. 31, 2001 is shown below: Cel and Paul Balance Sheet December 3 1, 2001 Assets

Transcribed Image Text: The balance of the partnership of cel and Paul
as of December. 31, 2001 is shown below:
Cel and Paul
Balance Sheet
December 3 1, 2001
Assets
Liabilities and Capital
Cash
40,000
Liabilities
264,000
Other Assets
400,000
Cel, Loan
36,000
Paul, Loan
40,000
Cel, Capital
80,000
Paul, Capital
20 000
The other assets were realized for P268,000,
and all cash was disbursed. Division of profits
and losses are:
Cel
Paul
Case I
90%
10%
Case 2
70%
30%
Case 3
50%
50%
Instructions: Prepare the partnership
liquidation statement and journal entries to

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