The statement of financial position of L, M, and N just before liquidation shows the following:Cash P 20,000 ; Non-cash Assets 240,000 ; Accounts Payable 40,000 ; N, Loan 40,000 ; L, Capital 62,000 ; M, Capital 88,000 ; N, Capital 30,000L, M, and N share profits and losses in the ratio of 3:2:5, respectively. The non-cash assets were sold for P160,000. How much cash is received by N in full settlement of his total interest in the partnership, including loan?

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.