Problem 1Dominador Dizon, Jufel Tamala, and Jonah Dimalanta who share a profit and loss ratio of 2:1:2 decided toliquidate their partnership on December 31, 20B. Their Statement of Financial Position is shown below:Centerpoint CommercialStatement of Financial PositionAs of 31 December 20BLiabilities and Partners' EquityP 49,000AssetsCashP 30,000LiabilitiesDizon, LoanDizon, CapitalTamaia, CapitalDimaianta, CapitalTotal Liabilities & Partners' EquityNon-cash340,00020,00095,000100,000106.000Total AssetsP370.000P370.000Assume: Deficient partners are insolvent and absorbed by the solvent partner.Prepare a Statement of Partnership Liquidation in five (5) separate cases and corresponding journal entries inrecording the nidation process.a) Non-cash assets were sold for P350,000.b) Non-cash assets are sold for P200,000.c) Non-cash assets were sold for P90,000.d) Non-cash assets were sold for P60,000.e) Non-cash assets were sold for P40,000.

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Prepare a Statement of Partnership Liquidation in five (5) separate cases and corresponding journal entries in recording the nidation process. a) Non-cash assets were sold for P350,000. b) Non-cash assets are sold for P200,000. c) Non-cash assets were sold for P90,000. d) Non-cash assets were sold for P60,000. e) Non-cash assets were sold for P40,000.

Prepare a Statement of Partnership Liquidation in five (5) separate cases and corresponding journal entries in recording the nidation process. a) Non-cash assets were sold for P350,000. b) Non-cash assets are sold for P200,000. c) Non-cash assets were sold for P90,000. d) Non-cash assets were sold for P60,000. e) Non-cash assets were sold for P40,000.

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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