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Bench, Mark, Spencer, and Lee are partners, sharing earnings in the ratio of 3:4:6:8, respectively. The balances of their capital accounts on December 31, 2019 are as follows:
Bench - P 1,000
Mark - P 25,000
Spencer - P 25,000
Lee - P 9,000 The partners decide to liquidate, and they accordingly convert the non-cash assets into P 23,200 of cash. After paying the liabilities amounting to P 3,000, they have P 22,200 cash to divide. Assume that a debit balance of any partners' capital is uncollectible. Question 1. How much is the cash balance before realization? Question 2. How much is the share of Bench in the loss upon conversion of the non-cash assets into cash?
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