liquidation of the partnership: Below is the balance sheet of Gold Ace Company immediately P500,000.00 1,900,000.00 P2,400,000.00 Cash Non-cash assets Total Liabilities Capital Salazar Nenubla Gomez P1,100,000.00 480,000.00 320,000.00 500,000.00 P2,400,000.00 Total The partners share profits and losses in the ratio 50%, 30%, 20%. It is assumed that Salazar and Gomez have personal assets which are sufficient in amount to "make good" capital debit balances which may be created during the liquidation process. The non-cash assets of the partnership are realized in the amount of P600,000,00. Give the schedule of liquidation and the corresponding journal entries assuming a) nothing is realized from the three partners; b) capita deficiencies are paid.

liquidation of the partnership: Below is the balance sheet of Gold Ace Company immediately P500,000.00 1,900,000.00 P2,400,000.00 Cash Non-cash assets Total Liabilities Capital Salazar Nenubla Gomez P1,100,000.00 480,000.00 320,000.00 500,000.00 P2,400,000.00 Total The partners share profits and losses in the ratio 50%, 30%, 20%. It is assumed that Salazar and Gomez have personal assets which are sufficient in amount to "make good" capital debit balances which may be created during the liquidation process. The non-cash assets of the partnership are realized in the amount of P600,000,00. Give the schedule of liquidation and the corresponding journal entries assuming a) nothing is realized from the three partners; b) capita deficiencies are paid.

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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