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

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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