Assignment 1 - Liquidation PDF

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Summary

Profit & Loss Ratio 60% 40% Cash Other Assets Liabilities Paraiso,Capital Ligeralde, Capital Balances before Liquidation 50,000 550,000 200,000 225,000 175, June Realization and Distribution of losses 180,000 -220,000 24,000 16, Balances 230,000 330,000 200,000 201,000 159, Payments of Liabi...

Description

Paraiso and Ligeralde Statement of Liqudation June-August 2019 Profit & Loss Ratio Balances before Liquidation June Realization and Distribution of losses Balances Payments of Liabilities Balances Payment to Partners Balances July Realization and Distribution of gains Payment of Liquidation Expense Balances Payment to Partners Balances August Realization and Distribution of losses Balances Payment to Partners Balances

60% 40% Cash Other Assets Liabilities Paraiso,Capital Ligeralde, Capital 50,000 550,000 200,000 225,000 175,000 180,000 230,000 200,000 30,000 20,000 10,000

-220,000 330,000

330,000

-

120,000

100,000

-5,000 125,000 125,000 225,000 225,000 225,000 -

24,000 201,000

16,000 159,000

201,000 201,000

159,000 20,000 139,000

-

6,000

8,000

230,000

-

3,000 204,000 66,000 138,000

2,000 145,000 53,000 92,000

230,000 -

-

3,000 135,000 135,000 -

2,000 90,000 90,000

330,000

200,000 200,000 0

230,000

-

-

1) How much cash should Ligeralde receive in June? Ans. P 20,000 2) How much cash should Paraiso receive in July? Ans. P 66,000 3.)How much cash should Ligeralde and Paraiso received in August? Ans. Ligeralde: P 90,000; Paraiso: P 135,000

-

40,000 Loss on Realization

Possible Loss Remaining Non-Cash Assets Paraiso, Capital Ligeralde, Capital Total

330,000 198,000 132,000 330,000

Possible Loss Remaining Other Assets Paraiso, Capital Ligeralde, Capital

230,000 138,000 92,000

Total

230,000

20,000 Gain on Realization

5,000 Loss on Realization...