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The statement of Financial Position of JIJ Partnership, just before liquidation is as follows: ASSETS LIABILITIES & CAPITAL Cash 50,000 140,000 Liabilities 70,000 20,000 30,000 50,000 Other assets Loan-Jan Jan, Capital (50%) Jun, Capital (30%) Juls, Capital (20%) Loan-Juls 10,000 30,000 Total Assets 200,000 Total Liabilities & Capital 200,000 5. If non cash assets are sold for P150,000 and all liabilities are paid and liquidation expense of P5,000 are also paid, how much cash should Jan, Jun and Juls receive? 6. If non cash assets are sold for P50,000, liquidation expense of P5,000 and all liabilities are paid, how much cash should Jan, Jun and Juls receive? 7. If Juls received a total of P8,000, how much cash should Jan receive? 8. If Juls received a total of P8,000, how much is the amount of gain or (loss) on realization of other assets? 9. If Jun received a total of P35,000 and liquidation expenses of 5,000 were paid, how much is the total proçeeds on sale of other assets?

The statement of Financial Position of JIJ Partnership, just before liquidation is as follows: ASSETS LIABILITIES & CAPITAL Cash 50,000 140,000 Liabilities 70,000 20,000 30,000 50,000 Other assets Loan-Jan Jan, Capital (50%) Jun, Capital (30%) Juls, Capital (20%) Loan-Juls 10,000 30,000 Total Assets 200,000 Total Liabilities & Capital 200,000 5. If non cash assets are sold for P150,000 and all liabilities are paid and liquidation expense of P5,000 are also paid, how much cash should Jan, Jun and Juls receive? 6. If non cash assets are sold for P50,000, liquidation expense of P5,000 and all liabilities are paid, how much cash should Jan, Jun and Juls receive? 7. If Juls received a total of P8,000, how much cash should Jan receive? 8. If Juls received a total of P8,000, how much is the amount of gain or (loss) on realization of other assets? 9. If Jun received a total of P35,000 and liquidation expenses of 5,000 were paid, how much is the total proçeeds on sale of other assets?

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 statement of Financial Position of JIJ Partnership, just before liquidation is as follows: ASSETS LIABILITIES & CAPITAL Cash 50,000 140,000 10,000 Liabilities 70,000 20,000 Other assets Loan-Jan Jan, Capital (50%) Jun, Capital (30%) Juls, Capital (20%) Loan-Juls 30,000 50,000 30,000 Total Assets 200,000 Total Liabilities & Capital 200,000 5. If non cash assets are sold for P150,000 and all liabilities are paid and liquidation expense of P5,000 are also paid, how much cash should Jan, Jun and Juls receive? 6. If non cash assets are sold for P50,000, liquidation expense of P5,000 and all liabilities are paid, how much cash should Jan, Jun and Juls receive? 7. If Juls received a total of P8,000, how much cash should Jan receive? 8. If Juls received a total of P8,000, how much is the amount of gain or (loss) on realization of other assets? 9. If Jun received a total of P35,000 and liquidation expenses of 5,000 were paid, how much is the total proceeds on sale of other assets?
Transcribed Image Text:The statement of Financial Position of JIJ Partnership, just before liquidation is as follows: ASSETS LIABILITIES & CAPITAL Cash 50,000 140,000 10,000 Liabilities 70,000 20,000 Other assets Loan-Jan Jan, Capital (50%) Jun, Capital (30%) Juls, Capital (20%) Loan-Juls 30,000 50,000 30,000 Total Assets 200,000 Total Liabilities & Capital 200,000 5. If non cash assets are sold for P150,000 and all liabilities are paid and liquidation expense of P5,000 are also paid, how much cash should Jan, Jun and Juls receive? 6. If non cash assets are sold for P50,000, liquidation expense of P5,000 and all liabilities are paid, how much cash should Jan, Jun and Juls receive? 7. If Juls received a total of P8,000, how much cash should Jan receive? 8. If Juls received a total of P8,000, how much is the amount of gain or (loss) on realization of other assets? 9. If Jun received a total of P35,000 and liquidation expenses of 5,000 were paid, how much is the total proceeds on sale of other assets?
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