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Can someone make the “statement of liquidation?”

Can someone make the “statement of liquidation?”

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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Can someone make the “statement of liquidation?”
Shadow, Ego and Self have decided to liquidate their partnership on December 1,2021. The statement of financial position is shown below: JUNGIAN Partnership Statement of Financial Position As of Dec. 1,2021 Assets Cash IP 25,000.00 |Accounts receivable, net Inventories Property, plant & equipment, net Total Assets 75,000.00 100,000.00 300,000.00 500,000.00 Liabilities and Capital Liabilities Accounts payable Loan payable-Ego Total liabilities IP 240,000.00 30,000.00 IP 270,000.00 Capital Shadow, Capital P 120,000.00 Ego, Capital Self, Capital Total Capital Total Liabilities and capital 50,000.00 P 60,000.00 230,000.00 500,000.00 Additional information: A. The personal assets (excluding partnership capital and loan interests) and personal liabilities of each partner as of Dec. 1,2021, are presented below: Shadow Ego Self- Personal assets 250,000 254,000 350,000 Personal liabilities (230,000) (240,000) (375,000) Personal net worth 20,000 14,000 (25,000) B. Shadow, Ego, and Self share profit and losses in the ratio of 20:40:40, respectively C. All of the non-cash assets were sold on December 10,2021 for P240,000. OLLEG
Transcribed Image Text:Shadow, Ego and Self have decided to liquidate their partnership on December 1,2021. The statement of financial position is shown below: JUNGIAN Partnership Statement of Financial Position As of Dec. 1,2021 Assets Cash IP 25,000.00 |Accounts receivable, net Inventories Property, plant & equipment, net Total Assets 75,000.00 100,000.00 300,000.00 500,000.00 Liabilities and Capital Liabilities Accounts payable Loan payable-Ego Total liabilities IP 240,000.00 30,000.00 IP 270,000.00 Capital Shadow, Capital P 120,000.00 Ego, Capital Self, Capital Total Capital Total Liabilities and capital 50,000.00 P 60,000.00 230,000.00 500,000.00 Additional information: A. The personal assets (excluding partnership capital and loan interests) and personal liabilities of each partner as of Dec. 1,2021, are presented below: Shadow Ego Self- Personal assets 250,000 254,000 350,000 Personal liabilities (230,000) (240,000) (375,000) Personal net worth 20,000 14,000 (25,000) B. Shadow, Ego, and Self share profit and losses in the ratio of 20:40:40, respectively C. All of the non-cash assets were sold on December 10,2021 for P240,000. OLLEG
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