Professional Documents
Culture Documents
page 1
Exercise 3 7
Cash
P 80,000
200,000
P280,000
( 280,000)
--90,000
P 90,000
P 90,000
540,000
P630,000
(350,000)
P280,000
P280,000
Other
Assets
P960,000
( 300,000)
P660,000
P660,000
P660,000
( 200,000)
P460,000
( 400,000)
P 60,000
P 60,000
( 60,000)
-----
Liabilities
P630,000
Velasco
Loan
P 50,000
P630,000
( 280,000)
P350,000
P 50,000
P350,000
----
P350,000
-----
P350,000
( 350,000)
------
-----
-----
----
P 50,000
( 50,000)
----
Viola
P470,000
( 60,000)
P410,000
P410,000
CAPITAL
Velasco
(P140,000)
( 20,000)
(P160,000)
Vicente
P30,000
( 20,000)
P10,000
P10,000
P410,000
( 212,000)
P198,000
84,000
P282,000
(P160,000)
50,000
90,000
(P 20,000)
6,000
(P 14,000)
28,000
P 14,000
P282,000
( 36,000)
P246,000
P 14,000
( 12,000)
P 2,000
P44,000
( 12,000)
P32,000
P10,000
6,000
P16,000
28,000
P44,000
PROBLEMS
Problem 3-1
1.
P810,000
(810,000)
P270,000
C A P I T A L
Elma
Erica
Edna
3/8
3/8
2/8
P60,000
P290,000
P270,000
(66,000)
( 66,000) ( 44,000)
( 9,000)
( 9,000) ( 6,000)
page
Balances
Payment of liabilities
Balances
Additional investment of Elma
Balances
Payment to partners
P690,000
(270,000)
P420,000
15,000
P435,000
( 435,000)
2.
Cash
Profit and loss ratio
Balances before liquidation
Sale of non-cash assets and distribution of loss
Payment of liquidation expenses
Balances
Payment of liabilities
Balances
Offset of loan against debit balance in the
capital balance of Elma
Balances
Payment to partners
P 80,000
634,000
(24,000)
P690,000
(200,000)
P490,000
P490,000
(490,000)
(P15,000)
P215,000
P220,000
(P15,000)
15,000
P215,000
P220,000
P215,000
( 215,000)
P220,000
( 220,000)
C A P I T A L
Liabilities
Elma
Erica
Edna
3/8
P60,000
(66,000)
( 9,000)
(P15,000)
3/8
P290,000
( 66,000)
( 9,000)
P215,000
2/8
P270,000
( 44,000)
( 6,000)
P220,000
P70,000
(P15,000)
P215,000
P220,000
( 15,000)
P55,000
( 55,000)
15,000
P215,000
( 215,000)
P220,000
( 220,000)
P70,000
P200,000
P70,000
P200,000
(200,000)
3.
Cash
Profit and loss ratio
Balances before liquidation
P270,000
(270,000)
P 80,000
Statement of Liquidation
January 1 31, 2008
NR from
Non-cash
Assets
Erica
P110,000
P700,000
NP
to Elma
P70,000
C A P I T A L
Liabilities
Elma
Erica
Edna
P200,000
3/8
P60,000
3/8
P290,000
2/8
P270,000
page
634,000
(700,000)
P 20,000
250,000
P 270,000
( 112,000)
P 158,000
( 24,750)
( 16,500)
( 9,000)
P26,250
( 9,000)
P256,250
( 6,000)
P247,500
P110,000
P70,000
P110,000
P70,000
P26,250
P256,250
P247,500
P70,000
( 70,000)
P26,250
( 26,250)
( 110,000)
P146,250
( 146,250)
P247,500
( 247,500)
(110,000)
P200,000
(200,000)
(24,750)
P 340,000
(340,000)
-
L O A N
Daza
Esteban
P 112,000
P 5,000
P 8,000
P 112,000
(112,000)
-
P 5,000
P 8,000
C
A
Calma
(2/5)
P 95,000
(36,000)
P 59,000
P 5,000
P 8,000
P 59,000
I
T
Daza
(2/5)
P 60,000
(36,000)
P 24,000
A L
Esteban
(1/5)
P 80,000
(18,000)
P 62,000
P 24,000
P 62,000
Problem 3 2 (Case 2)
Calma, Daza and Esteban
Statement of Liquidation
January, 2009
Other
Cash
Assets
Liabilities
L O A N
Daza
Esteban
C
A
Calma
I
T A L
Daza
Esteban
page
P 20,000
185,000
P 205,000
( 112,000)
P 93,000
P 93,000
P 340,000
(340,000)
-
P 8,000
(2/5)
P 95,000
(62,000)
P 33,000
(2/5)
P 60,000
(62,000)
P( 2,000)
(1/5)
P 80,000
(31,000)
P 49,000
P 5,000
P 8,000
P 33,000
P( 2,000)
P 49,000
(2,000)
P 3,000
P 8,000
P 33,000
2,000
-
P 49,000
P 112,000
P 5,000
P 8,000
P 5,000
P 112,000
(112,000)
-
Problem 3 2 (Case 3)
Cash
Balances before liquidation
Sale of assets & distribution of loss
Balances
Payment of liabilities
Balances
Offset of loan against debit balance in the
capital account
Balances
Payment to partners
Balances
Additional investment by Daza
Payment to partners
P 5,000
P 8,000
P 5,000
P 8,000
P 112,000
(112,000)
-
C
A
Calma
(2/5)
P 95,000
(68,000)
P 27,000
P 5,000
P 8,000
P 27,000
(5,000)
-
P 8,000
( 8,000)
-
P 27,000
( 25,000)
P 2,000
P 2,000
P 20,000
170,000
P 190,000
( 112,000)
P 78,000
P 340,000
(340,000)
-
P 78,000
( 78,000)
3,000
P 3,000
L
Daza
O A N
Esteban
P I
T A L
Daza
Esteban
(2/5)
(1/5)
P 60,000
P 80,000
(68,000)
(34,000)
P( 8,000) P 46,000
P( 8,000)
5,000
P(3,000)
P(3,000)
3,000
-
P 46,000
P 46,000
(45,000)
P 1,000
P 1,000
page
Problem 3- 2 (Case 4)
Calma, Daza and Esteban
Statement of Liquidation
January, 2009
Cash
Balances before liquidation
Sale of assets & distribution of loss
Balances
Payment of liabilities
Balances
Offset of loan against debit balance in the
capital account
Balances
Payment to partners
Balances
Additional investment by Daza
Payment to partners
Other
Assets
Liabilities
L
Daza
O A N
Esteban
P 112,000
P 5,000
P 8,000
P 5,000
P 8,000
C A
Calma
(2/5)
P 95,000
(86,000)
P 9,000
P 5,000
P 8,000
P 9,000
P(26,000)
P 9,000
5,000
P(21,000)
P 9,000
P 20,000
125,000
P 145,000
( 112,000)
P 33,000
P 340,000
(340,000)
-
P 112,000
(112,000)
-
P 33,000
( 33,000)
21,000
P 21,000
(5,000)
-
P 8,000
( 8,000)
-
P 9,000
P I
T
Daza
(2/5)
P 60,000
(86,000)
P(26,000)
A L
Esteban
(1/5)
P 80,000
(43,000)
P 37,000
P 37,000
P(21,000)
21,000
-
P 37,000
(25,000)
P 12,000
P 12,000
page
Problem 3 2 (Case 5)
Calma, Daza and Esteban
Statement of Liquidation
January, 2009
Other
Cash
Assets
Liabilities
Balances before liquidation
Sale of assets & distribution of loss
Balances
Payment of liabilities
Balances
Offset of loan against debit balance in the
capital account
Balances
Additional investment by Calma and Daza
Payment of liabilities, loan and capital
Problem
1.
P 20,000
90,000
P 110,000
( 110,000)
-
P 340,000
(340,000)
-
40,000
P 40,000
L O A N
Daza
Esteban
P 112,000
P 5,000
P 8,000
P 112,000
(110,000)
P 2,000
P 5,000
P 8,000
C A
Calma
(2/5)
P 95,000
(100,000)
P( 5,000)
P 5,000
P 8,000
P( 5,000)
P(40,000)
P( 5,000)
5,000
-
5,000
P(35,000)
35,000
-
2,000
(5,000)
-
2,000
P 8,000
P 8,000
I
T
A L
Daza
Esteban
(2/5)
(1/5)
P 60,000 P 80,000
(100,000)
(50,000)
P(40,000) P 30,000
P 30,000
P 30,000
P 30,000
3-4
Estrella, Capital
Estrella, Drawing
Total interest of Estrella
Cash received by Estrella
P 144,000
( 12,000)
P 132,000
111,000
Share of Estrella in the loss on P 21,000
liquidation
Fractional share of Estrella
2/10
3.
a.
Cash
Eugenio, Capital
Esteban, Capital
Estrella, Capital
Other Assets
463,000
52,500
31,500
21,000
568,000
page
P 105,000
b.
c.
Liabilities
Cash
200,000
Esteban, Loan
Eugenio, Capital
Esteban, Capital
Estrella, Capital
Cash
40,000
79,500
102,500
111,000
200,000
333,000
2.
Eugenio , Esteban and Estrella
Statement of Liquidation
January 1 31, 2008
Cash
P 70,000
463,000
P 533,000
(200,000)
P 333,000
( 333,000)
Other
Assets
P 568,000
( 568,000)
Liabilities
P 200,000
P 200,000
( 200,000)
Esteban,
Loan
P 40,000
P 40,000
Eugenio
(5/10)
P 132,000
( 52,500)
P 79,500
P 40,000
( 40,000)
P 79,500
( 79,500)
CAPITAL
Esteban
Estrella
(3/10)
(2/10)
P 134,000
P132,000
( 31,500) ( 21,000)
P 102,500
P 111,000
P 102,500
(102,500)
Problem 3 - 6
QRS Partnership
Statement of Liquidation
July to September, 2008
Accounts
Roman,
C A P I T A L
P 111,000
( 111,000)
page
Other Assets
P2,010,000
( 1,530,000)
(
P
Cash
150,000
1,170,000
1,215,000)
7,500)
97,500
67,500)
30,000
66,000
7,500)
88,500
58,500)
30,000
165,000
7,500)
187,500
41,400
187,500
41,400
P
(
(
P
(
P
(
P
(
P
Payable
P1,215,000
Loan
P150,000
Quizon
P300,000
( 180,000)
Roman
P270,000
( 108,000)
Silva
P225,000
( 72,000)
( 3,750)
P116,250
( 2,250)
P159,750
( 1,500)
P151,500
P116,250
( 19,500)
( 3,750)
P 93,000
P159,750
( 11,700)
( 2,250)
P145,800
P 93,000
( 105,000)
( 3,750)
(P 15,750)
15,750
-
P145,800
( 63,000)
( 2,250)
P 80,550
( 9,450)
P 71,100
P151,500
( 7,800)
( 1,500)
P142,200
( 17,400)
P124,800
( 42,000)
( 1,500)
P 81,300
( 6,300)
P 75,000
( 1,215,000)
P 480,000
P 480,000
( 105,000)
P 375,000
P 375,000
( 375,000)
P150,000
( 67,500)
P 82,500
P 82,500
( 41,100)
P 41,400
page
Problem 3 - 5
JKLM Trading
Statement of Liquidation
February 1 - March 31, 2008
Cash
P 100,320
49,320
( 17,750)
( 8,220)
P 123,670
( 120,060)
P 3,610
48,330
( 3,610)
( 7,380)
P 40,950
( 40,950)
P ---------
Other
Assets
P 193,530
Liabilities
P 21,360
Jocson
Loan
P 15,000
( 66,060)
C
A
Jocson
P 24,120
P
I
Kaimo
P 96,480
T
A
Legarda
P 109,020
L
Manabat
P 27,870
( 3,348)
( 5,022)
( 5,022)
( 3,348)
( 1,644)
P 19,128
( 2,466)
P 88,992
(49,770)
P 39,222
( 2,466)
P 101,532
( 62,310)
P 39,222
( 1,644)
P 22,878
( 17,750)
P 127,470
P 3,610
P 127,470
P 3,610
P 15,000
( 7,980)
P 7,020
( 44,850)
P 19,128
696
1,044
1,044
P 82,620
p --------
P 82,620
P --------
P 7,020
7,020
P -------
( 1,476)
P 18,348
( 1,824)
P 16,524
( 2,214)
P 38,052
(13,266)
P 24,786
( 2,214)
P 38,052
( 13,266)
P 24,786
Req. 2
Neri, Ordan and Pacia
Statement of Liquidation
January 1 - March 31, 2008
Other
Assets
P 191,000
696
( 3,610)
Problem 3 - 8
Cash
P 19,000
P 22,878
Liabilities
P 77,000
Pacia,
Loan
P 9,000
Sal. Pay.
to Neri
P 6,000
C A P I T
Neri
Ordan
P 50,000
P 28,000
A L
Pacia
P 40,000
( 1,476)
P 22,098
( 5,574)
P 16,524
January:
Collections from customers
Payment of liquidation expenses
Payment of liabilities
Balances
Payment to partners (see schedule)
Balances
February:
Collections from customers
Payment of liquidation expenses
Payment of liabilities & dist. of gain
Balances
Payment to partners (see schedule)
Balances
March:
Collections from customers & dist. of
loss
Payment of liquidation expenses
Payment to partners
Problem 3 -8
Requirement No 1
page
112,000
( 4,400)
( 38,000)
P 88,600
( 16,000)
P 72,600
(112,000)
36,000
( 2,800)
(38,000)
P 67,800
( 19,800)
P 48,000
( 36,000)
P 79,000
( 38,000)
P 39,000
P 79,000
P 39,000
P 9,000
( 9,000)
-
P 43,000
( 39,000)
-
P 43,000
35,000
( 43,000)
( 4,000)
P( 79,000)
( 2,200)
( 1,100)
( 1,100)
P 6,000
P 47,800
P 26,900
P 6,000
P 47,800
P 26,900
P 38,900
( 7,000)
P 31,900
P 6,000
( 6,000)
-
( 1,400)
500
P 46,900
( 1,400)
P 45,500
700)
250
P 26,450
( 3,700)
P 22,750
700)
250
P 31,450
( 8,700)
P 22,750
( 4,000)
( 2,000)
( 2,000)
( 2,000)
P 39,500
( 1,000)
P 19,750
( 1,000)
P 19,750
Neri
P 50,000
6,000
Ordan
P 28,000
Pacia
P 40,000
9,000
Neri
Ordan
Pacia
page
Cash available
Allocation I:
Payable to Pacia
Allocation II
Payable according
to P & L ratio
Neri
-
Ordan
Pacia
---------
P 16,000
P 28,000
25%
P112,000
P 49,000
25%
P196,000
P112,000
( 84,000)
P112,000
_______
--------
_______
---------
P 21,000
P 21,000
P 19,800
5,000
P 14,800
-
P 5,000
P 7,400
P 7,400
P 3,700
P 3,700
3,700
P 8,700
Problem 3 - 7
Requirement 3
Tabora, Ureta and Veloso
Statement of Liquidation
January 1 to April 30, 2008
Cash
-
Other
Assets
P 338,000
L
Tabora
P 45,000
A
N
Ureta
Veloso
P 30,000 P 13,000
C A P I T A L
Tabora
Ureta
Veloso
P 120,000 P 90,000
P 40,000
Sale of assets
Payment to partners
Balances
February:
Sale of assets
Payment to partners
Balances
March:
Sale of assets
Payment to partners
Balances
April:
Sale of assets & distribution of loss
Balances
Payment to partners
page
15,000
(15,000)
40,000
( 40,000)
( 15,000)
P 323,000
30,000
P 30,000
(30,000)
(15,000)
P15,000
P 13,000
P 120,000
P 90,000
P 40,000
( 21,250)
P 23,750
(15,000)
-
P 13,000
P 120,000
( 3,750)
P 86,250
P 40,000
(23,750)
-
(13,000)
-
( 23,500)
P 96,500
( 28,350)
P 57,900
( 1,400)
P 38,600
( 81,500)
P 15,000
P 15,000
( 48,900)
P 9,000
P 9,000
(32,600)
P 6,000
P 6,000
( 40,000)
P 283,000
90,000
( 90,000)
-
P 45,000
( 90,000)
P 193,000
( 193,000)
-
page