Partnership Liquidation by Installment On May 31, 2017 the statement of Financial Positions of AB, CD, and EF including the partners profit and loss ratio is as follows: Cash P 45,000.00 Liabilities P150,000.00 Non-cash Assets 795,000.00 CD, Loan 60,000.00 EF, Loan 30,000.00 AB, Capital (30%) CD, Capital (30%) EF, Capital (40%) Total Liabilities and Equity 144,000.00 216,000.00 240,000.00 Total Assets P840,000.00 P840,000.00 They decided to liquidate the business. The following is the summary of the realization and liquidation proceedings. Cash Realized Expenses Realized Liabilities Paid Carrying Value of Assets Realized P 150,000.00 Cash Paid to Partners June P 60,000.00 P 3,000.00 P 72,000.00 180,000.00 150,000.00 90,000.00 July 240,000.00 9,000.00 78,000.00 123,000.00 August September 225,000.00 12,000.00 120,000.00 102,000.00 180,000.00 6,000.00 Required: Statement of Partnership Liquidation with Supporting Schedules of Safe Payments.

Partnership Liquidation by Installment On May 31, 2017 the statement of Financial Positions of AB, CD, and EF including the partners profit and loss ratio is as follows: Cash P 45,000.00 Liabilities P150,000.00 Non-cash Assets 795,000.00 CD, Loan 60,000.00 EF, Loan 30,000.00 AB, Capital (30%) CD, Capital (30%) EF, Capital (40%) Total Liabilities and Equity 144,000.00 216,000.00 240,000.00 Total Assets P840,000.00 P840,000.00 They decided to liquidate the business. The following is the summary of the realization and liquidation proceedings. Cash Realized Expenses Realized Liabilities Paid Carrying Value of Assets Realized P 150,000.00 Cash Paid to Partners June P 60,000.00 P 3,000.00 P 72,000.00 180,000.00 150,000.00 90,000.00 July 240,000.00 9,000.00 78,000.00 123,000.00 August September 225,000.00 12,000.00 120,000.00 102,000.00 180,000.00 6,000.00 Required: Statement of Partnership Liquidation with Supporting Schedules of Safe Payments.

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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