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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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Question

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The partnership of Maya, Nova, and Oscar was dissolved. By August 1, 2014, all assets had
been converted into cash and all partnership liabilities were paid. The partnership balance
sheet on August 1, 2014 (with partner residual profit and loss sharing percentages) was as
follows:

Cash
$100,000
Maya, capital (30%) $ 8,000

Nova, capital (20%)
(120,000)

Oscar, capital (50%) 212,000
Total assets
$100,000
Total equity
$ 100,000

The value of partners' personal assets and liabilities on August 1, 2014 were as follows:

Maya
Nova
Oscar
Personal assets
$148,000 $240,000 $112,000
Personal liabilities
144,000
160,000
120,000

Required:
Prepare the final statement of partnership liquidation.

CASE 2 LO6 (18 marks)
The partnership of Maya, Nova, and Oscar was dissolved. By August 1, 2014, all assets had
been converted into cash and all partnership liabilities were paid. The partnership balance
sheet on August 1, 2014 (with partner residual profit and loss sharing percentages) was as
follows:
$100,000
Maya, capital (30%) $ 8,000
Nova, capital (20%) (120,000)
Oscar, capital (50%) _212,000
Total equity
Cash
Total assets
$100,000
$100,000
The value of partners' personal assets and liabilities on August 1, 2014 were as follows:
Maya
$148,000
Oscar
Nova
$240,000 $112,000
Personal assets
Personal liabilities
144,000
160,000
120,000
Required:
Prepare the final statement of partnership liquidation.
Verified by,
/Silvia Dewiyanti (D5893) and sent to Department/Program on JAN 12, 2022
Page 2 of 3

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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