**Chapter 5 - Partnership Liquidation by Installment** **Exercise:** 9. If in the first distribution, B received P6,250, how much should C have received at this point? 10. If in the first distribution, A received P172,500, how much should B have received? 11. If in the first distribution, C received P37,500, how much is the total cash distributed? 12. If in the first distribution, A received P73,500, how much should C have received? 13. If B received a total of P15,000 as a result of the liquidation, what was the total amount realized from the sale of the non-cash assets? --- **E. The statement of financial position for J and K Partnership on January 1, 2018 before liquidation is as follows:** **Assets** - Cash: P157,500 - Other Assets: P798,750 - Total Assets: P956,250 **Liabilities and Capital** - Liabilities: P393,750 - J, Capital (60%): P315,000 - K, Capital (40%): P247,500 - Total Equity: P956,250 In January, assets with a carrying value of P382,500 are sold for P326,250, creditors are paid 80% of the amount owing to them, liquidation expenses of P6,500 and unrecorded liabilities of P4,750 are paid and P33,750 is distributed to partners. 14. For the month of January, how much cash is available for distribution to the partners? 15. In the schedule of safe payments, how much was deducted from J's total interest as share in the maximum possible loss? --- Page 163 ### Chapter 5 - Partnership Liquidation by Installment #### Questions: 4. If P55,500 is available for distribution to partners after all non-partner liabilities are paid, how much should TJ have received? 5. If in the first distribution, SR received P11,250, how much should MD have received at that point? 6. If in the first distribution, MD received P52,500, how much is the total cash distributed to partners? #### Financial Statement: **The statement of financial position for FH and VN Partnership on May 1, 2018, before liquidation is as follows:** **Assets** - Cash: P 70,000 - Other Assets: P 355,000 - **Total Assets:** P 425,000 **Liabilities and Capital** - Liabilities: P 175,000 - FH, Capital (70%): P 140,000 - VN, Capital (30%): P 110,000 - **Total Equity:** P 425,000 **Additional Information:** In May, assets with a carrying value of P170,000 were sold for P145,000. Creditors were paid in full, liquidation expense of P5,000 was paid, and P15,000 was paid to partners. 7. **In May, how much did VN receive?** #### Partnership of A, B, and C: **The accounts of the partnership of A, B, and C at the end of its fiscal year on October 31, 2018, are as follows:** **Assets** - Cash: P 78,750 - Other Non-Cash Assets: P 682,500 - Loan to B: P 26,250 **Liabilities and Capital** - Liabilities: P 262,500 - Loan from C: P 52,500 - A, Capital (30%): P 236,250 - B, Capital (50%): P 157,500 - C, Capital (20%): P 78,750 8. If P90,000 is available for distribution to partners after all non-partner liabilities are paid, how much should A receive?