Problem 3The partnership of Bartolome Pozon, Jessica Selisana, and Evelyn Teque in the Cebu Convenience Store inwhich the partners share profit on the ratio of 30%-30%-40% appeared as follows:Sanciangko CommercialStatement of Financial PositionAs of December 31, 20BP45,000CashAccounts PayableP 62,000Pozon, LoanPozon, CapitalSelisana, CapitalAccounts ReceivableP60,0005,00035,000Est. Uncollectible Accounts3.00057,00070,000Merchandise35,000Teque, Capital35.000Total AssetsP 172.000 Total Liabilities & Partners' Equity P172.000On this date, the partners decided to liquidate their business. In January 20C, P50,000 was collected from thecustomers' accounts after which the partners have agreed to write-off the balance including the valuationaccount by charging to their respective capital accounts.The merchandise was realized towards the month-end at 85% of its realizable value. At the end of January20C, the liquidation process is over.Required:1. Prepare a Statement of Partnership Liquidation2. Prepare the journal entries needed to complete the entire liquidation process.

Statement of partnership liquidation is prepared to record the dissolution of partnership. When the…

The partnership of Bartolome Pozon, Jessica Selisana, and Evelyn Teque in the Cebu Convenience Store in which the partners share profit on the ratio of 30%-30%-40% appeared as follows: Sanciangko Commercial Statement of Financial Position As of December 31, 20B P 62,000 5,000 35,000 Cash P45,000 Accounts Payable Pozon, Loan 57,000 Pozon, Capital Accounts Receivable P60,000 Est. Uncollectible Accounts 3.000 Merchandise 35,000 35.000 P 172.000 Total Liabilities & Partners' Equity P172.000 70,000 Selisana, Capital Teque, Capital Total Assets On this date, the partners decided to liquidate their business. In January 20C, P50,000 was collected from the customers' accounts after which the partners have agreed to write-off the balance including the valuation account by charging to their respective capital accounts. The merchandise was realized towards the month-end at 85% of its realizable value. At the end of January 200, the liquidation process is over. Required: 1. Prepare a Statement of Partnership Liquidation 2. Prepare the journal entries needed to complete the entire liquidation process.

The partnership of Bartolome Pozon, Jessica Selisana, and Evelyn Teque in the Cebu Convenience Store in which the partners share profit on the ratio of 30%-30%-40% appeared as follows: Sanciangko Commercial Statement of Financial Position As of December 31, 20B P 62,000 5,000 35,000 Cash P45,000 Accounts Payable Pozon, Loan 57,000 Pozon, Capital Accounts Receivable P60,000 Est. Uncollectible Accounts 3.000 Merchandise 35,000 35.000 P 172.000 Total Liabilities & Partners' Equity P172.000 70,000 Selisana, Capital Teque, Capital Total Assets On this date, the partners decided to liquidate their business. In January 20C, P50,000 was collected from the customers' accounts after which the partners have agreed to write-off the balance including the valuation account by charging to their respective capital accounts. The merchandise was realized towards the month-end at 85% of its realizable value. At the end of January 200, the liquidation process is over. Required: 1. Prepare a Statement of Partnership Liquidation 2. Prepare the journal entries needed to complete the entire liquidation process.

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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