Alvero- Parcor Assignment #2 PDF

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ALVERO, JEIKO M. BSA 1- AExerciseProblemArenas, Dulay and LaurenteStatement of LiquidationJune 20, 2019CashNon-Cash Asset Liabilities Arena, Capital Dulay, Capital Laurente, Capital 1/3 1/3 1/ Balances before Liquidation ₱ 50,000 ₱ 2,350,000 ₱ 400,000 ₱ 900,000 ₱ 500,000 ₱ 600, Sale of Non-Cash Asse...

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ALVERO, JEIKO M.

BSA 1- A

Exercise Problem #1

Arenas, Dulay and Laurente Statement of Liquidation June 20, 2019

Balances before Liquidation Sale of Non-Cash Asset and Distribution of Gains Balances Payment to Liabilities Balances Payment to Partners

Cash

Non-Cash Asset

Liabilities

Arena, Capital 1/3

Dulay, Capital 1/3

₱ 50,000

₱ 2,350,000

₱ 400,000

₱ 900,000

₱ 500,000

₱ 600,000

2,650,000 ₱ 2,700,000

2,350,000 ₱ 400,000

10 0,000 ₱ 1,000,000

100,0 00 ₱ 600,000

100,000 ₱ 700,000

(400,000) -

₱ 1,000,000

₱ 600,000

₱ 700,000

(1,000,000)

(600,000)

(700,000)

(400,000) ₱ 2,300,000 (2,300,000)

Laurente, Capital 1/3

Arenas, Dulay and Laurente Liquidating Journal Entries June 20, 2019

Date

Particulars

Debit

Credit

2019 June

30

Cash

₱ 2,650,000

Non-cash Assets

₱ 2,350,000

Gains of Realization

300,000

To record sales of non-cash assets with gains on realization



Gains of Realization

300,000

Arenas, Capital

100,000

Dulay, Capital

100,000

Laurente, Capital

100,000

To record distribution of gains on realization



Liabilities Cash To record the payments of liabilities



Arenas, Capital

1,000,000

Dulay, Capital

600,000

Laurente, Capital

700,000

Cash To record the distribution of cash to partners

2,300,000

Miranda, Leon and Estoque Statement of Liquidation March 31, 2019

Cash

Non-Cash Asset

Liabilities

Profit and Loss Ratio Balances before Liquidation Sale of Non-Cash Asset and Distribution of Loss Balances

₱

150,000 2,150,000

₱ 2,600,000

₱ 750,000

(2,600,000)

₱ 2,300,000

₱ 750,000

(750,000)

(₱ 750,000)

Balances

₱ 1,550,000

-

Payment to Partners

(1,550,000)

Payment of Liabilities

Miranda, Capital

Leon, Capital

Estoque, Capital 1/3

1/3

1/3

₱ 400,000

₱ 600,000

₱ 1,000,000

(150,000)

(150,000)

(150,000)

₱ 250,000

₱ 450,000

₱ 850,000

₱ 250,000

₱ 450,000

₱ 850,000

(250,000)

(450,000)

(850,000)

Miranda, Leon and Estoque Liquidating Journal Entries March 31, 2019 PARTICULARS

DATE

DEBIT

CREDIT

2019 March

31

Cash

₱ 2,150,000

Loss on Realization

450,000

Non-cash Assets

₱ 2,600,000

To record sale of non-cash asset wit loss on realization



Miranda, Capital

150,000

Leon, Capital

150,000

Estoque, Capital

150,000

Loss on Realization

450,000

To record the distribution of loss on realization



Liabilities

750,000

Cash

750,000

To record payment of Liabilities



Miranda, Capital

250,000

Leon, Capital

450,000

Estoque, Capital

850,000

Cash To record the distribution of cash

1,550,000

Problem #4 Villanueva and Resultay Statement of Liquidation March 16, 2020

Non-Cash Asset

Cash Profit and Loss Percentage Balances before Liquidation Sale of Non-Cash Asset and Distribution of Loss Balances Payment to Liabilities Balances Additional Investment by Villanueva Balances Payment to Partners

250,000

₱ 450,000

170,000 420,000 (300,000) ₱ 120,000

(450,000)

₱

₱

10,000 ₱ 130,000 (130,000)

Liabilities

₱ 300,000

₱ 300,000 (300,000)

Villanueva, Capital

Resultay, Capital

3/4

1/4

₱ 200,000

₱ 200,000

(210,000) (₱ 10,000)

(70,000) ₱ 130,000

(₱ 10,000)

₱ 130,000

10,000 ₱ 130,000 (130,000)

Villanueva and Resultay Liquidating Journal Entries March 16, 2020 DATE 2020 MARCH 16 Cash Loss on Realization Non-cash Asset

PARTICULARS

DEBIT

CREDIT

₱ 170,000 280,000 ₱ 450,000

To record sale of non-cash assets with loss on realization



Villanueva, Capital Resultay, Capital Loss on Realization

210,000 70,000 280,000

To record the distribution of loss on realization



Liabilities Cash

300,000 300,000

To record the payments of liabilities



Cash Villanueva, Capital

10,000 10,000

To record additional investment of Villanueva



Resultay, Capital Cash To record the distribution of cash to partner

130,000 130,000...