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What is the loss on realization of the non-cash assets

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Question - As of December 31 of the current year, the books of SLU partnership showed capital balances of Sisa, P80,000; Lola, P50,000; Uma, P10,000. The partners' profit and loss ratio was 3:2:1, respectively. The partners decided to dissolve and liquidate. They sold all the non-cash assets for P74,000 cash. After settlement of all liabilities amounting to P24,000, they still have P56,000 cash left for distribution. What is the loss on realization of the non-cash assets?

Reference no: EM132576270

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