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Problem 5. Partners Limin, Parducho and Calingasan share profits and losses in the ration of 5:3:2. The partners decided to liquidate the partnership. Their statement of financial position prior to liquidation is: Assets Liabilities & Capital P 600,000 80,000 400,000 720,000 700,000 P2,500.000 Total Liabilities & Capital P2,500.000 P 400,000 Liabilities 2,100,000 Limin, Loan Limin, Capital Parducho, Capital Calingasan, Capital Cash Other Assets Total Assets The partnership is to be liquidated by installment. The first sale of non-cash assets costing P1,200,000 realized P900,000. Llquidation expenses paid amounted to P20,000. The second sale of non-cash assets costing P900,000 realized P500,000. Liquidation expenses paid amounted to P15,000. The final sale of the remaining non-cash realized P100.000.

Problem 5. Partners Limin, Parducho and Calingasan share profits and losses in the ration of 5:3:2. The partners decided to liquidate the partnership. Their statement of financial position prior to liquidation is: Assets Liabilities & Capital P 600,000 80,000 400,000 720,000 700,000 P2,500.000 Total Liabilities & Capital P2,500.000 P 400,000 Liabilities 2,100,000 Limin, Loan Limin, Capital Parducho, Capital Calingasan, Capital Cash Other Assets Total Assets The partnership is to be liquidated by installment. The first sale of non-cash assets costing P1,200,000 realized P900,000. Llquidation expenses paid amounted to P20,000. The second sale of non-cash assets costing P900,000 realized P500,000. Liquidation expenses paid amounted to P15,000. The final sale of the remaining non-cash realized P100.000.

FINANCIAL ACCOUNTING
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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  1. Prepare a Cash Priority Program
Problem 5. Partners Limin, Parducho and Calingasan share profits and losses in the ration of 5:3:2. The partners decided to liquidate the partnership. Their statement of financial position prior to liquidation is: Assets Liabilities & Capital P 600,000 80,000 400,000 720,000 700,000 P2,500.000 Total Liabilities & Capital P2,500.000 Cash P 400,000 Liabilities 2,100,000 Limin, Loan Limin, Capital Parducho, Capital Calingasan, Capital Other Assets Total Assets The partnership is to be liquidated by installment. The first sale of non-cash assets costing P1,200,000 realized P900,000. Llquidation expenses paid amounted to P20,000. The second sale of non-cash assets costing P900,000 realized P500,000. Liquidation expenses paid amounted to P15,000. The final sale of the remaining non-cash realized P100,000.
Transcribed Image Text:Problem 5. Partners Limin, Parducho and Calingasan share profits and losses in the ration of 5:3:2. The partners decided to liquidate the partnership. Their statement of financial position prior to liquidation is: Assets Liabilities & Capital P 600,000 80,000 400,000 720,000 700,000 P2,500.000 Total Liabilities & Capital P2,500.000 Cash P 400,000 Liabilities 2,100,000 Limin, Loan Limin, Capital Parducho, Capital Calingasan, Capital Other Assets Total Assets The partnership is to be liquidated by installment. The first sale of non-cash assets costing P1,200,000 realized P900,000. Llquidation expenses paid amounted to P20,000. The second sale of non-cash assets costing P900,000 realized P500,000. Liquidation expenses paid amounted to P15,000. The final sale of the remaining non-cash realized P100,000.
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