Solve for Case F A.Bob, Gary and Bob, who share profits and losses in the ratio of 4:4:2, respectively, decideto liquidate their partnership on December 31, 2019. The condensed statement offinancial position is presented below just prior to liquidation.BGC PartnershipStatement of Financial PositionDecember 31, 2019ASSETSLIABILITIES AND EQUITYP 40,000680,000P 224,00010,00016,000190,000120,000160,000CashLiabilitiesGary, LoanCrab, LoanBob, CapitalGary, CapitalCrab, CapitalOther AssetsTotal AssetsP 720,000Total Liabilities and EquityP720,000Instruction: Prepare a statement of Liquidation and the required journal entries for each of thefollowing cases and supporting schedule of cash distribution, if necessary assuming cash isimmediately distributed to the proper parties. Assume also that the deficient partner/s will investcash which is then distributed as second payment to the proper parties.Case A P 700,000Case B 500,000Case CCase DP 370,000340,000Case ECase FP 250,000180,000

Statement of Liquidation: Particulars Total Bob, Capital Gary,Capital Crab, Capital Beginning…

Bob, Gary and Bob, who share profits and losses in the ratio of 4:4:2, respectively, decide to liquidate their partnership on December 31, 2019. The condensed statement of financial position is presented below just prior to liquidation. BGC Partnership Statement of Financial Position December 31, 2019 ASSETS UABILITIES AND EQUITY P 40,000 680,000 P 224,000 10,000 16,000 190,000 120,000 160,000 Cash Other Assets Liabilities Gary, Loan Crab, Loan Bob, Capital Gary, Capital Crab, Capital Total Assets P 720,000 Total Liabilities and Equity P 720,000 truction: Prepare a statement of Liquidation and the required journal entries for each of the owing cases and supporting schedule of cash distribution, if necessary assuming cash is nediately distributed to the proper parties. Assume also that the deficient partner/s will invest h which is then distributed as second payment to the proper parties.

Bob, Gary and Bob, who share profits and losses in the ratio of 4:4:2, respectively, decide to liquidate their partnership on December 31, 2019. The condensed statement of financial position is presented below just prior to liquidation. BGC Partnership Statement of Financial Position December 31, 2019 ASSETS UABILITIES AND EQUITY P 40,000 680,000 P 224,000 10,000 16,000 190,000 120,000 160,000 Cash Other Assets Liabilities Gary, Loan Crab, Loan Bob, Capital Gary, Capital Crab, Capital Total Assets P 720,000 Total Liabilities and Equity P 720,000 truction: Prepare a statement of Liquidation and the required journal entries for each of the owing cases and supporting schedule of cash distribution, if necessary assuming cash is nediately distributed to the proper parties. Assume also that the deficient partner/s will invest h which is then distributed as second payment to the proper parties.

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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