Required: Prepare the statement of liquidation..Vic, Victor and Vincent are partners in Valentine partnership. They share profits andlosses equally. Their financial position prior to liquidation follows:Lump-sum LiquidationPartnership is insolvent and partner/s are personally insolvent.Exercise 3.Valentine PartnershipStatement of Financial PositionAs at August 31, 20xxAssetsLiabilities and CapitalP 80,000800,000LiabilitiesCashNon-cash AssetsP 480,00040,000Vic, CapitalVictor, CapitalVincent, CapitalTotal Liabilities and Capital P 880.000120,000240.000Total AssetsP 880,000The personal assets and liabilities of the partners, beside their equities in thepartnership, are as follows:Personal AssetsPersonal LiabilitiesPartnersP800,000P500,000 :P 40,000P300,000P500,000VicVictorP140,000VincentSolvent partners are going to invest when cash is needed. Non-cash assets are soldfor P425,000. Liabilities in the amount of P480,000 are paid.

Computation of personal assets realized value Vic PHP Victor PHP Vincent PHP Personal…

Required: Prepare the statement of liquidation. Vic, Victor and Vincent are partners in Valentine partnership. They share profits and Lump-sum Liquidation Exercise 3. losses equally. Their financial position prior to liquidation follows: Partnership is insolvent and partner/s are personally insolvent. Valentine Partnership Statement of Financial Position As at August 31, 20xx Assets Liabilities and Capital P 80,000 Liabilities P 480,000 Cash Non-cash Assets Vic, Capital Victor, Capital Vincent, Capital Total Liabilities and Capital P 880.000 800,000 40,000 120,000 240.000 Total Assets P 880,000 The personal assets and liabilities of the partners, beside their equities in the partnership, are as follows: Personal Assets Personal Liabilities Partners P300,000 P800,000 P500,000 P 40,000 Vic P500,000 Victor P140,000 Vincent Solvent partners are going to invest when cash is needed. Non-cash assets are sold for P425,000. Liabilities in the amount of P480,000 are paid.

Required: Prepare the statement of liquidation. Vic, Victor and Vincent are partners in Valentine partnership. They share profits and Lump-sum Liquidation Exercise 3. losses equally. Their financial position prior to liquidation follows: Partnership is insolvent and partner/s are personally insolvent. Valentine Partnership Statement of Financial Position As at August 31, 20xx Assets Liabilities and Capital P 80,000 Liabilities P 480,000 Cash Non-cash Assets Vic, Capital Victor, Capital Vincent, Capital Total Liabilities and Capital P 880.000 800,000 40,000 120,000 240.000 Total Assets P 880,000 The personal assets and liabilities of the partners, beside their equities in the partnership, are as follows: Personal Assets Personal Liabilities Partners P300,000 P800,000 P500,000 P 40,000 Vic P500,000 Victor P140,000 Vincent Solvent partners are going to invest when cash is needed. Non-cash assets are sold for P425,000. Liabilities in the amount of P480,000 are paid.

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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i need JOURNAL ENTRIES, a, b, and schedule of liquidation.
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Financial Accounting and Reporting Topic: Liquidation – Lump Sum