В.Pisces, Leo and Gemini share profits in the ration of 5:3:2, respectively. Capital and loan balancesjust prior to partnership liquidation are:САРITALLOANSPiscesP 120,000PiscesP 45,000Leo90,000Leo30,000Gemini40,000Gemini13,000Non-cash assets are sold, and cash is distributed to partners in monthly installments during thecourse of liquidation as follows:January – P 15,000; February - P 40,000; March - P 90,000; April – P 30,000 (final distribution)Required:a) Prepare a program to show how cash should be distributed during the entire course ofliquidation,b) Using the program developed in (a), prepare schedules summarizing the payments to bemade to partners at the end of each month.c) Prepare a statement of liquidation to summarize the course of liquidation.

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Answered: isces, Leo and Germini share profits in…

isces, Leo and Germini share profits in the ration of 5:3:2, ust prior to partnership liquidation are: CAPITAL LOANS Pisces P 120,000 Pisces Leo 90,000 Leo Gemini 40,000 Gemini

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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