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.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter19: Accounting For Partnerships

Section: Chapter Questions

Problem 5SEB

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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.

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