The balance sheet for Coney, Honey, and Money partnership shows the following information as of December 31, 2015; Cash ₱40,000 Liabilities ₱100,000 Other assets 560,000 Coney, Loan 50,000 Coney,...

The balance sheet for Coney, Honey, and Money partnership shows the following information as of December 31, 2015;

Profit and loss ratio is 3:2:1 for Coney, Honey, and Money, respectively. Other assets were realized as follows:

Cash is distributed as assets are realized.

1. The total loss to Coney is:

P60,000           b. P40,000         c. P20,000                   d. None