Partner Axe, Max and Rax are partners sharing profits and losses equally. Below are their data wwww Ахе Мax Rax Total Capital 100,000 80,000 300,000 480,000 Drawings 60,000 40,000 20,000 120,000 The...

Extracted text: Partner Axe, Max and Rax are partners sharing profits and losses equally. Below are their data wwww Ахе Мax Rax Total Capital 100,000 80,000 300,000 480,000 Drawings 60,000 40,000 20,000 120,000 The partners decide to liquidate and their undistributed operating profit prior to liquidation amounted to P72,000. All of the partnership assets and income were all exhausted during liquidation. Unpaid liabilities amounted to P84,000. Axe is personally insolvent and the remaining partners are solvent.