Problem #17 Installment Liquidation: Schedule of Safe Payments Partners Limin, Parducho and Calingasan share profits and losses in the ratio of 532 The partners decided to liquidate the partnership. Their statement of financial prior to liquidation is: position Liabilities & Capital Assets P 600,000 80,000 400,000 720,000 Liabilities P 400,000 Limin, Loan Limin, Capital Parducho, Capital Calingasan, Capital Total Liabilities & Capital Cash Other Assets 2,100,000 700,000 P2,500,000 Total Assets P2,500,000 The partnership is to be liquidated by installment. The first sale of non-cash costing P1,200,000 realized P900,000. Liquidation expenses paid amounted to P20.000 assets
Problem #17 Installment Liquidation: Schedule of Safe Payments Partners Limin, Parducho and Calingasan share profits and losses in the ratio of 532 The partners decided to liquidate the partnership. Their statement of financial prior to liquidation is: position Liabilities & Capital Assets P 600,000 80,000 400,000 720,000 Liabilities P 400,000 Limin, Loan Limin, Capital Parducho, Capital Calingasan, Capital Total Liabilities & Capital Cash Other Assets 2,100,000 700,000 P2,500,000 Total Assets P2,500,000 The partnership is to be liquidated by installment. The first sale of non-cash costing P1,200,000 realized P900,000. Liquidation expenses paid amounted to P20.000 assets
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Partnership and Corporation Accounting - Partnership Liquidation
Transcribed Image Text:The partnership is to be liquidated by installment. The first sale of non-cash assets
Partners Limin, Parducho and Calingasan share profits and losses in the ratio of 5:32
Problem #17
Installment Liquidation: Schedule of Safe Payments
The partners decided to liquidate the partnership. Their statement of financial
prior to liquidation is:
position
Liabilities & Capital
Assets
P 600,000
80,000
400,000
Liabilities
P 400,000
2,100,000
Cash
Limin, Loan
Limin, Capital
Parducho, Capital
Calingasan, Capital
Total Liabilities & Capital
Other Assets
720,000
700,000
P2,500,000
Total Assets
P2,500,000
The partnership is to be liquidated by installment. The first sale of non-cash asc
costing P1,200,000 realized P900,000. Liquidation expenses paid amounted to P20.000
Required:
How much cash should be distributed to each partner?
1
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