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The laon and capital account balances of Santiago, Gorospe, Esparaguera and Rozales were as follows on  September 25, 2021, the date that the partnership began liquidation:  Debit Credit   Loan Receivable – Esparaguera P10,000   Loan Payable – Santiago P20,000   Santiago, Capital 50,000   Gorospe., Capital 25,000    Esparaguera, Capital 70,000   Ronzales, Capital 50,000   Partnership liabilities totaled P80,000 on September 25, 2021. The partners shared profits and losses and realization gains  and losses as follows: Santiago, 20%; Gorospe, 25%, Esparaguera, 30% and Ronzales, 25%.    (1)Prepare a cash priority program.

The laon and capital account balances of Santiago, Gorospe, Esparaguera and Rozales were as follows on  September 25, 2021, the date that the partnership began liquidation:  Debit Credit   Loan Receivable – Esparaguera P10,000   Loan Payable – Santiago P20,000   Santiago, Capital 50,000   Gorospe., Capital 25,000    Esparaguera, Capital 70,000   Ronzales, Capital 50,000   Partnership liabilities totaled P80,000 on September 25, 2021. The partners shared profits and losses and realization gains  and losses as follows: Santiago, 20%; Gorospe, 25%, Esparaguera, 30% and Ronzales, 25%.    (1)Prepare a cash priority program.

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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The laon and capital account balances of Santiago, Gorospe, Esparaguera and Rozales were as follows on  September 25, 2021, the date that the partnership began liquidation: 

Debit Credit 

 Loan Receivable – Esparaguera P10,000 

 Loan Payable – Santiago P20,000 

 Santiago, Capital 50,000 

 Gorospe., Capital 25,000  

 Esparaguera, Capital 70,000 

 Ronzales, Capital 50,000 

 Partnership liabilities totaled P80,000 on September 25, 2021. The partners shared profits and losses and realization gains  and losses as follows: Santiago, 20%; Gorospe, 25%, Esparaguera, 30% and Ronzales, 25%.  

 (1)Prepare a cash priority program. 

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