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.

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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Required information Skip to question [The following information applies to the questions displayed below.] Turner, Roth, and Lowe are partners who share income and loss in a 1:4:5 ratio (in percents: Turner, 10%; Roth, 40%; and Lowe, 50%). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $135,600; total liabilities, $86, 000; Turner, Capital, $3,300; Roth, Capital, $14, 400; and Lowe, Capital, $31,900. The liquidation resulted in a loss of $81, 600. Required: Allocate the loss to the partners. Determine how much each partner should contribute to the partnership to cover any remaining capital deficiency.
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The following account balances were available for the Perry, Quincy, and Renquist partnership just before it entered liquidation: Cash $ 90,000 Liabilities $ 170,000 Noncash assets 300,000 Perry, capital 70,000 Quincy, capital 50,000 Renquist, capital 100,000 Total $ 390,000 Total $ 390,000 Included in Perry’s Capital account balance is a $20,000 partnership loan owed to Perry. Perry, Quincy, and Renquist shared profits and losses in a ratio of 2:4:4. Liquidation expenses were expected to be $15,000. All partners were insolvent. For what amount would the noncash assets need to be sold in order for Quincy to receive some cash from the liquidation? Multiple Choice A. Any amount in excess of $170,000. B. Any amount in excess of $190,000. C. Any amount in excess of $260,000. D. Any amount in excess of $280,000. E. Any amount in excess of $300,000.
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Financial Accounting and Reporting Topic: Liquidation – Installment
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