Advanced accounting by baysa lupisan chapter 03a

Elma , Erica and EdnaStatement of Liquidation January 1 – 31, 2008 Offset of loan against debit balance in the 15,000 Statement of Liquidation January 1 – 31, 2008 Sale of non-cash asse

Exercise 3 – 7

Problem 3-1

Statement of Liquidation January 1 – 31, 2008

Sale of non-cash assets and distribution of loss 634,000 (810,000) (66,000) ( 66,000) ( 44,000)

2 Elma , Erica and Edna

Statement of Liquidation January 1 – 31, 2008

Offset of loan against debit balance in the

15,000

Statement of Liquidation January 1 – 31, 2008

Sale of non-cash assets and distribution of

loss

Offset of receivable against credit balance in

Problem 3 – 2 (Case 1)

Calma, Daza and Esteban Statement of Liquidation January, 2009 Other L O A N C A P I T A L

(2/5)

Daza (2/5)

Esteban (1/5)

Problem 3 – 2 (Case 2)

Calma, Daza and Esteban Statement of Liquidation January, 2009 Other L O A N C A P I T A L

(2/5)

Daza (2/5)

Esteban (1/5)

Offset of loan against debit balance in the

Problem 3 – 2 (Case 3)

Calma, Daza and Esteban Statement of Liquidation January, 2009 Other L O A N C A P I T A L

(2/5)

Daza (2/5)

Esteban (1/5)

Offset of loan against debit balance in the

Problem 3- 2 (Case 4)

Calma, Daza and Esteban Statement of Liquidation January, 2009 Other L O A N C A P I T A L

(2/5)

Daza (2/5)

Esteban (1/5)

Offset of loan against debit balance in the

Problem 3 – 2 (Case 5)

Calma, Daza and Esteban Statement of Liquidation January, 2009 Other L O A N C A P I T A L

(2/5)

Daza (2/5)

Esteban (1/5)

Offset of loan against debit balance in the

Problem 3-4

Share of Estrella in the loss on

liquidation

Fractional share of Estrella  2/10

2

Eugenio , Esteban and Estrella Statement of Liquidation January 1 – 31, 2008

C A P I T A L Cash

Other Assets Liabilities

Esteban, Loan

Eugenio (5/10)

Esteban (3/10)

Estrella (2/10)

Problem 3 - 6

QRS Partnership Statement of Liquidation July to September, 2008

Accounts Roman, C A P I T A L Cash Other Assets Payable Loan Quizon Roman Silva Balances before liquidation P 150,000 P2,010,000 P1,215,000 P150,000 P300,000 P270,000 P225,000 July: Sale of assets 1,170,000 ( 1,530,000) ( 180,000) ( 108,000) ( 72,000) Payment of liabilities ( 1,215,000) ( 1,215,000)

Payment of liquidation expenses ( 7,500) ( 3,750) ( 2,250) ( 1,500)

P 97,500 P 480,000 - P150,000 P116,250 P159,750 P151,500 Payment of loan ( 67,500) ( 67,500)

Balances P 30,000 P 480,000 - P 82,500 P116,250 P159,750 P151,500 August: Sale of assets 66,000 ( 105,000) ( 19,500) ( 11,700) ( 7,800) Payment of liquidation expenses ( 7,500) ( 3,750) ( 2,250) ( 1,500)

P 88,500 P 375,000 - P 82,500 P 93,000 P145,800 P142,200 Payment of loan and capital ( 58,500) ( 41,100) ( 17,400) Balances P 30,000 P 375,000 - P 41,400 P 93,000 P145,800 P124,800 Sept.: Sale of assets 165,000 ( 375,000) ( 105,000) ( 63,000) ( 42,000) Payment of liquidation expenses ( 7,500) ( 3,750) ( 2,250) ( 1,500)

P 187,500 - - P 41,400 (P 15,750) P 80,550 P 81,300 Additional loss to Roman & Silva 15,750 ( 9,450) ( 6,300) Payment to partners P 187,500 - - P 41,400 - P 71,100 P 75,000

Problem 3 - 5

JKLM Trading Statement of Liquidation February 1 - March 31, 2008

February:

Sale of assets & distribution of loss 49,320 ( 66,060) ( 3,348) ( 5,022) ( 5,022) ( 3,348)

March:

Sale of assets & distribution of gain 48,330 ( 44,850) 696 1,044 1,044 696

Problem 3 - 8

Req 2

Neri, Ordan and Pacia Statement of Liquidation January 1 - March 31, 2008

Other Pacia, Sal Pay C A P I T A L Cash Assets Liabilities Loan to Neri Neri Ordan Pacia Balances before liquidation P 19,000 P 191,000 P 77,000 P 9,000 P 6,000 P 50,000 P 28,000 P 40,000 January:

Collections from customers 112,000 (112,000)

Payment of liquidation expenses ( 4,400) ( 2,200) ( 1,100) ( 1,100) Payment of liabilities ( 38,000) ( 38,000)

Balances P 88,600 P 79,000 P 39,000 P 9,000 P 6,000 P 47,800 P 26,900 P 38,900 Payment to partners (see schedule) ( 16,000) ( 9,000) ( 7,000) Balances P 72,600 P 79,000 P 39,000 - P 6,000 P 47,800 P 26,900 P 31,900 February:

Collections from customers 36,000 ( 36,000)

Payment of liquidation expenses ( 2,800) ( 1,400) ( 700) ( 700) Payment of liabilities & dist of gain (38,000) ( 39,000) 500 250 250 Balances P 67,800 P 43,000 - - P 6,000 P 46,900 P 26,450 P 31,450 Payment to partners (see schedule) ( 19,800) ( 6,000) ( 1,400) ( 3,700) ( 8,700)

March:

Collections from customers & dist of

loss

35,000 ( 43,000) ( 4,000) ( 2,000) ( 2,000) Payment of liquidation expenses ( 4,000) ( 2,000) ( 1,000) ( 1,000) Payment to partners P( 79,000) - - - - P 39,500 P 19,750 P 19,750

Problem 3 -8

Cash Priority Program January 1, 2008

allocation I - Cash to Pacia reducing LAB to an amount reported

for Neri and Ordan Reduction of P84,000 requires payment

Allocation II - Further cash distributions may be made in the profit and loss raio

SCHEDULE OF CASH DISTRIBUTION:

Allocation I:

Allocation I:

Allocation II

Payable according

to P & L ratio P 14,800 P 7,400 P 3,700 3,700

Problem 3 - 7

Requirement 3

Tabora, Ureta and Veloso Statement of Liquidation January 1 to April 30, 2008 Other L O A N C A P I T A L

January:

February:

March:

April: