A M3 - CHAPTER 4 PROBLEM SOLVING.pdf - Adobe Acrobat Reader DCFile Edit View Sign Window HelpHomeToolsМЗ - СНАРТЕR 4 ... XSign In/ 4SECTION:PROFESSOR:Search 'Draw Shape'Problem #1Lump-Sum Liquidation with Gain on RealizationL2 Export PDFAfter several years of operations, the partnership of Arenas, Dulay and Laurente is to beliquidated. After making the closing entries on June 30, 2019, the following accountsremained open:O= Edit PDFA Create PDFAccount BalanceAccount TitleDebitCreditCommentCashP 50,0002,350,000Non-cash AssetsLiabilitiesCombine FilesArenas, CapitalDulay, CapitalLaurente, CapitalP400,000900,000500,000EI Organize Pages600,000The non-cash assets are sold for P2,650,000. Profits and losses are shared equally.2 RedactRequired:U ProtectPrepare a statement of partnership liquidation and the entries to record the following:1. Sale of all non-cash assets.2. Distribution of gain on realization to the partners.3. Payment of the liabilities.4. Distribution of cash to the partners.Acrobat Pro with E-SignCreate, edit and sign PDFforms & agreementsFree 7-day TrialW6:52 PM

Partnership liquidation Statement: It is a statement showing the closure of capital A/Cs of partners…

After several years of operations, the partnership of Arenas, Dulay and Laurente is to be liquidated. After making the closing entries on June 30, 2019, the following accounts remained open: Account Balance Account Title Debit Credit Cash P 50,000 2,350,000 Non-cash Assets Liabilities Arenas, Capital Dulay, Capital Laurente, Capital P400,000 900,000 500,000 600,000 The non-cash assets are sold for P2,650,000. Profits and losses are shared equally. Required: Prepare a statement of partnership liquidation and the entries to record the following: 1. Sale of all non-cash assets. 2. Distribution of gain on realization to the partners. 3. Payment of the liabilities. 4. Distribution of cash to the partners.

After several years of operations, the partnership of Arenas, Dulay and Laurente is to be liquidated. After making the closing entries on June 30, 2019, the following accounts remained open: Account Balance Account Title Debit Credit Cash P 50,000 2,350,000 Non-cash Assets Liabilities Arenas, Capital Dulay, Capital Laurente, Capital P400,000 900,000 500,000 600,000 The non-cash assets are sold for P2,650,000. Profits and losses are shared equally. Required: Prepare a statement of partnership liquidation and the entries to record the following: 1. Sale of all non-cash assets. 2. Distribution of gain on realization to the partners. 3. Payment of the liabilities. 4. Distribution of cash to the partners.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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