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answer no. 17 only, pleasee, I only need the schedule of safe payments

answer no. 17 only, pleasee, I only need the schedule of safe payments

FINANCIAL ACCOUNTING
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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answer no. 17 only, pleasee, I only need the schedule of safe payments

1 Pearl, April, May and Sweet were in a fruit processing business, sharing profits and losses in the ratio 4:3:2:1. They decided to liquidate the partnership on October 31, 2019 at which date the financial position of the partnership was as follows: Cash Receivables Merchandise Land and Building Prepaid Insurance P 10,000 40,000 20,000 110,000 20,000 Accounts Payable Pearl, Capital Apple, Capital May, Capital Sweet, Capital P 30,000 60,000 30,000 60,000 20,000 The assets were realized as follows: Jan. 5 Merchandise Feb. 8 Receivables P 18,000 36,000 15,000 102,000 ( 8,000) Cash surrender value of prepaid insurance Mar. 2 Land and building Liquidation expenses
Transcribed Image Text:1 Pearl, April, May and Sweet were in a fruit processing business, sharing profits and losses in the ratio 4:3:2:1. They decided to liquidate the partnership on October 31, 2019 at which date the financial position of the partnership was as follows: Cash Receivables Merchandise Land and Building Prepaid Insurance P 10,000 40,000 20,000 110,000 20,000 Accounts Payable Pearl, Capital Apple, Capital May, Capital Sweet, Capital P 30,000 60,000 30,000 60,000 20,000 The assets were realized as follows: Jan. 5 Merchandise Feb. 8 Receivables P 18,000 36,000 15,000 102,000 ( 8,000) Cash surrender value of prepaid insurance Mar. 2 Land and building Liquidation expenses
Before liquidating the firm, the partners decided that: a) The creditors will be paid as follows: P15.000 in January 15 and the balance on February 11. b) As soon as cash is available, this should be immediately distributed to the partners to the extent possible. c) Cash should be withheld for possible liquidation expenses of P5,000 in February. Direction: Prepare a statement of installment liquidation supported by schedule of safe payment whenever necessary setting out the payments that will be made to the partners at the end of each month. 18. Using the Pearl Exercise in no. 17, prepare a priority program of cash distribution and answer the following questions: Who is the partner most vulnerable to losses? b. If the first cash available to partners is P30,000, who among the partners will get this? If the second cash available to partners is P60,000, who among the partners will get this? d. Ignoring questions b and c, if in the cash distribution Apple gets P3,000 cash, how a. с. much will Sweet receive?
Transcribed Image Text:Before liquidating the firm, the partners decided that: a) The creditors will be paid as follows: P15.000 in January 15 and the balance on February 11. b) As soon as cash is available, this should be immediately distributed to the partners to the extent possible. c) Cash should be withheld for possible liquidation expenses of P5,000 in February. Direction: Prepare a statement of installment liquidation supported by schedule of safe payment whenever necessary setting out the payments that will be made to the partners at the end of each month. 18. Using the Pearl Exercise in no. 17, prepare a priority program of cash distribution and answer the following questions: Who is the partner most vulnerable to losses? b. If the first cash available to partners is P30,000, who among the partners will get this? If the second cash available to partners is P60,000, who among the partners will get this? d. Ignoring questions b and c, if in the cash distribution Apple gets P3,000 cash, how a. с. much will Sweet receive?
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