ABC partnership whose owners consist Ateng, Bagio and Cecep share profits with a ratio of 5: 3: 2. On May 31, 2018 The Fellowship was liquidated. Statement of financial position ahead of liquidation as follows: Equipment Accumulated Depreciation Inventory Account Receivable Cash Total ABC Firm Financial Position Statement May 31 2018 (in $) 42,000 Ateng, Capital (11,000) Bagio, Capital 99,000 Cecep, Capital 44,000 Liability 25,000 199,000 Total 50,000 30,000 20,000 99,000 199,000
ABC partnership whose owners consist Ateng, Bagio and Cecep share profits with a ratio of 5: 3: 2. On May 31, 2018 The Fellowship was liquidated. Statement of financial position ahead of liquidation as follows: Equipment Accumulated Depreciation Inventory Account Receivable Cash Total ABC Firm Financial Position Statement May 31 2018 (in $) 42,000 Ateng, Capital (11,000) Bagio, Capital 99,000 Cecep, Capital 44,000 Liability 25,000 199,000 Total 50,000 30,000 20,000 99,000 199,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:ABC partnership whose owners consist Ateng, Bagio and Cecep share profits with a ratio of 5: 3:
2. On May 31, 2018 The Fellowship was liquidated. Statement of financial position ahead of liquidation
as follows:
Equipment
Accumulated Depreciation
Inventory
Account Receivable
Cash
Total
ABC Firm
Financial Position Statement
May 31 2018
(in $)
42,000 Ateng, Capital
(11,000) Bagio, Capital
99,000 Cecep, Capital
44,000 Liability
25,000
199,000
Total
50,000
30,000
20,000
99,000
Cash is used for payment of obligations and the remainder distributed to allies on each
end of the month except $3,000 just in case. . If there are allies who have a capital deficit
assumed t is capable of paying
Non-cash realization as follows:
a. June: equipment whose acquisition price is $ 22,000 and book value is $ 16,000 is sold
with price $ 12,000. Inventory whose acquisition price is $ 50,000 is sold for $
35,000
c. September: remaining inventory sold for $ 30,000; paid load
liquidation $5,000
199,000
b. August: successfully billed receivables $ 40,000 remainder removed; equipment still available
sold for $8,000, found new liabilities of $ 4,000
Requested:
1. Prepare the liquidation calculation schedule/liquidasid report 2. Journal
necessary.
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