2) b.

Barroga Gonzales Total

Salaries PHP 60,000.00 PHP 30,000.00 PHP 90,000.00
Interest on average capital
balances PHP 30,000.00 PHP 12,000.00 PHP 42,000.00

Residual Profit PHP 90,000.00

PHP 60,000.00 PHP 150,000.00
Share in Partners' Profit PHP 180,000.00 PHP 102,000.00 PHP 282,000.00

3) d.

Cabance Capital Cabance Mendoza Total

PHP 130,000.00 PHP 25,000.00 Share in Partners' Profit PHP 45,000.00 PHP 105,000.00 PHP 150,000.00
PHP 45,000.00
PHP 130,000.00 PHP 70,000.00
PHP (70,000.00)
PHP 60,000.00

4) c. Antiporda Sy Total
Salaries PHP 20,000.00 PHP 10,000.00 PHP 30,000.00
Interest on average capital
balances PHP 10,000.00 PHP 4,000.00 PHP 14,000.00

Residual Profit PHP 39,000.00

PHP 26,000.00 PHP 65,000.00
Share in Partners' Profit PHP 69,000.00 PHP 40,000.00 PHP 109,000.00

5) a. Reyes Baliño Dimalanta Total

Salaries PHP 5,000.00 PHP 3,000.00 PHP 8,000.00
Residual Profit PHP 6,000.00
PHP 4,000.00
PHP 2,000.00 PHP 12,000.00
Share in Partners' Profit PHP 11,000.00 PHP 7,000.00 PHP 2,000.00 PHP 20,000.00

6) c. PHP 44,000.00
PHP (40,000.00)
PHP 4,000.00

7) b. Marasigan Rosales Total

Bonus PHP 12,500.00 PHP 12,500.00
Salaries PHP 45,000.00 PHP 45,000.00
Residual Profit PHP (3,750.00)
PHP (3,750.00) PHP (7,500.00)
Share in Partners' Profit PHP 53,750.00 PHP (3,750.00) PHP 50,000.00

8) a. PHP 102,500.00 Profit Abulencia Daguiso Total

PHP (75,000.00) Salaries Salaries PHP 30,000.00 PHP 45,000.00 PHP 75,000.00
PHP 27,500.00 110% before bonus Bonus PHP 2,500.00 PHP 2,500.00

PHP (25,000.00) 100% after bonus Interest on average capital PHP 2,000.00 PHP 3,500.00 PHP 5,500.00
balances
PHP 2,500.00 bonus Residual Profit PHP 6,500.00
PHP 13,000.00 PHP 19,500.00
Share in Partners' Profit PHP 41,000.00 PHP 61,500.00 PHP 102,500.00

9) d. Quezada
Salary PHP 60,000.00
Interest PHP 10,000.00
Net Profit/Residual
Profit PHP 32,000.00

Profit before salary

and interest but after PHP 102,000.00 85%
bonus

Profit before salary, PHP 120,000.00 100%

interest and bonus

Bonus PHP 18,000.00 15%

10) b. Option A Option B

Salary PHP 25,000.00 PHP 40,000.00
10% bonus PHP 15,000.00

Profit before bonus PHP 165,000.00

Option A Option B
Salary PHP 25,000.00 PHP 40,000.00
10% Bonus PHP 15,000.00
Residual Profit PHP 125,000.00 PHP 125,000.00

11) c. Option A Option B

Partner A Parter B Partner A Partner B
Salary PHP 25,000.00 PHP 100,000.00 PHP 40,000.00 PHP 100,000.00
10% Bonus PHP 15,000.00

Profit before salary

PHP 290,000.00
and bonus

Option A Option B
Salary PHP 25,000.00 PHP 40,000.00
10% Bonus PHP 15,000.00
Residual Profit PHP 250,000.00 PHP 250,000.00

12) d. Loss: PHP 33,000.00 Hermocilla Gonzaga Mallari Total

Capital Balances PHP 120,000.00 PHP 60,000.00 PHP 40,000.00 PHP 220,000.00
10% Interest PHP 12,000.00 PHP 6,000.00 PHP 4,000.00 PHP 22,000.00
Salaries PHP 30,000.00 PHP 20,000.00 PHP 50,000.00
Residual Profit:
PHP (35,000.00) PHP (35,000.00) PHP (35,000.00) PHP (105,000.00)
(33000)-22000-50000*1/3
Share in Partners' Profit PHP 7,000.00 PHP (9,000.00) PHP (31,000.00) PHP (33,000.00)

13) c. Profit: PHP 102,500.00 Espiritu Cheng Total

Average Capital Balance PHP 20,000.00 PHP 35,000.00
Salaries PHP 30,000.00 PHP 45,000.00 PHP 75,000.00
Bonus PHP 2,500.00 PHP 2,500.00
Interest PHP 2,000.00 PHP 3,500.00 PHP 5,500.00

Residual Profit: PHP 9,750.00 PHP 9,750.00 PHP 19,500.00

102,500-6,590.91-5,500*1/2

Share in Partners' Profit PHP 44,250.00 PHP 58,250.00 PHP 102,500.00

14) b. Profit before bonus PHP 24,000.00 Profit after bonus PHP 20,000.00
Gloria share in profit:
Profit after bonus PHP 20,000.00 20,000*2/5 PHP 8,000.00

Bonus PHP 4,000.00

15) a. Profit: PHP 100,000.00 Ravelo Febrero Total

Capital Balances PHP 300,000.00 PHP 230,000.00 PHP 530,000.00
6% Interest PHP 18,000.00 PHP 13,800.00 PHP 31,800.00
Salaries PHP 72,000.00 PHP 60,000.00 PHP 132,000.00
Residual Profit:
PHP (31,900.00) PHP (31,900.00) PHP (63,800.00)
100,000-31,800-11,000*1/2
Share in Partners' Profit PHP 58,100.00 PHP 41,900.00 PHP 100,000.00

Portion of Year Average Capital

16) c. Date Capital Accounts Unchanged Balances
Generales avrage
PHP 307,500.00 1/1/2014 PHP 280,000.00 1/2 PHP 140,000.00
capital balance:
10% PHP 30,750.00 7/1/2014 PHP 360,000.00 1/9 PHP 30,000.00
8/1/2014 PHP 330,000.00 3/7 PHP 137,500.00
. Total PHP 307,500.00

17) c. Loss: PHP (99,000.00) Un Balaba Monta Total

Capital Balances PHP 360,000.00 PHP 180,000.00 PHP 120,000.00 PHP 660,000.00
10% Interest PHP 36,000.00 PHP 18,000.00 PHP 12,000.00 PHP 66,000.00
Salaries PHP 90,000.00 PHP 60,000.00 PHP 150,000.00
Residual Profit: PHP (105,000.00) PHP (105,000.00) PHP (105,000.00) PHP (315,000.00)
Share in Partners' Profit PHP 21,000.00 PHP (87,000.00) PHP (33,000.00) PHP (99,000.00)

18) a. Quito Capital

PHP 60,000.00 PHP 35,000.00
PHP 27,000.00
PHP 72,000.00 PHP 70,000.00

Average Capital
19) c. Date Capital Accounts Portion of Year Unchanged
Balances
1/1/2014 PHP 8,000.00 1/4 PHP 2,000.00
7/1/2014 PHP 9,600.00 1/6 PHP 1,600.00
6/1/2014 PHP 11,200.00 1/4 PHP 2,800.00
9/1/2014 PHP 7,200.00 1/3 PHP 2,400.00
Total PHP 8,800.00

20) d. Profit: PHP 44,000.00 Langbay Villota Hernandez

Total
P&L Ration 40% 40% 20%
110% PHP 44,000.00 Capital Balances PHP 90,000.00 PHP 110,000.00 PHP 50,000.00 PHP 250,000.00
100% PHP 40,000.00 Bonus PHP 4,000.00 PHP 4,000.00
10% Bonus PHP 4,000.00 10% Interest PHP 1,000.00 PHP 1,000.00
Salaries PHP 10,000.00 PHP 12,000.00 PHP 22,000.00
Residual Profit: PHP 6,800.00 PHP 6,800.00 PHP 3,400.00 PHP 17,000.00
Share in Partners' Profit PHP 16,800.00 PHP 7,800.00 PHP 19,400.00 PHP 44,000.00
19) c. Perez Yuzon Mercado Total

Capital Balances (Beginning) PHP 100,000.00 PHP 150,000.00 PHP 225,000.00 PHP 475,000.00

Average Capital Balances PHP 130,000.00 PHP 150,000.00 PHP 207,500.00 PHP 487,500.00
Salaries PHP 60,000.00 PHP 48,000.00 PHP 36,000.00 PHP 144,000.00
Interest on average capital PHP 13,000.00 PHP 15,000.00 PHP 20,750.00 PHP 48,750.00
balances
Residual Profit PHP 5,000.00 PHP 5,000.00 PHP 5,000.00 PHP 15,000.00
Share in Partners' Profit PHP 78,000.00 PHP 68,000.00 PHP 61,750.00 PHP 207,750.00

Perez

Date Capital Accounts Portion of Year Unchanged Average Capital Balances Statement of Changes in Partnership's Equity

1/1/2014 PHP 100,000.00 1/2 PHP 50,000.00 Partnership Equity, Beginning PHP 475,000.00

6/30/2014 PHP 160,000.00 1/2 PHP 80,000.00 Add: Net Profit PHP 207,750.00

Total PHP 130,000.00 Add: Additional Investment PHP 60,000.00

Total PHP 742,750.00

Mercado Less: Withdrawals -PHP 70,000.00

Date Capital Accounts Portion of Year Unchanged Average Capital Balances Partnership's Equity, End PHP 672,750.00

1/1/2014 PHP 225,000.00 3/4 PHP 168,750.00

9/30/2014 PHP 155,000.00 1/4 PHP 38,750.00
Total PHP 207,500.00

18) b. Adjusting Entries (2013)

Income Summary PHP 800.00
Prepaid Expense PHP 800.00

Unearned Income PHP 700.00

Income Summary PHP 700.00

Adjusting Entries (2014)

Income Summary PHP 600.00
Accrued Expense PHP 600.00

Accrued Income PHP 500.00

Income Summary PHP 500.00

Profit: PHP 12,500.00

Less: Adjustments PHP (800.00)
PHP 700.00
PHP (600.00)
PHP 500.00
Profit: PHP 12,300.00

Onate Guillermo Cumagun Aglugob

New P&L Ratio 45% 27% 18% 10%
Share in Profit PHP 5,535.00 PHP 3,321.00 PHP 2,214.00 PHP 1,230.00

17) a. Profit: PHP 2,500,000.00 Carlos Niza Usop Total

PHP 400,000.00 PHP 400,000.00
PHP 30,000.00 PHP 30,000.00
PHP 30,000.00 PHP 30,000.00
Residual Profit PHP 680,000.00 PHP 680,000.00 PHP 680,000.00 PHP 2,040,000.00
Share in Partners' Profit PHP 1,080,000.00 PHP 710,000.00 PHP 710,000.00 PHP 2,500,000.00

16) a. Castillo Labasan Hollanes Total

Average Capital Balances PHP 472,500.00 PHP 238,650.00 PHP 162,350.00 PHP 873,500.00
Salaries PHP 122,325.00 PHP 82,625.00 PHP 204,950.00
Interest on average capital
PHP 47,250.00 PHP 23,865.00 PHP 16,235.00 PHP 87,350.00
balances
Residual Profit PHP (139,308.00) PHP (139,308.00) PHP (139,308.00) PHP (417,924.00)
Share in Partners' Profit PHP 30,267.00 PHP (115,443.00) PHP (40,448.00) PHP (125,624.00)

15) Profit: PHP 176,000.00 Garachico Perez Burgos

Total
P&L Ratio 20% 40% 40%

Capital Balances (Beginning) PHP 150,000.00 PHP 200,000.00 PHP 250,000.00 PHP 600,000.00

Average Capital Balances PHP 162,500.00 PHP 205,833.33 PHP 245,000.00 PHP 613,333.33
Salaries PHP 24,000.00 PHP 18,000.00 PHP 12,000.00 PHP 54,000.00
Interest on average capital PHP 19,500.00 PHP 24,700.00 PHP 29,400.00 PHP 73,600.00
balances
Residual Profit PHP 9,680.00 PHP 19,360.00 PHP 19,360.00 PHP 48,400.00
Share in Partners' Profit PHP 53,180.00 PHP 62,060.00 PHP 60,760.00 PHP 176,000.00
Additional Investments PHP 30,000.00 PHP 20,000.00
Withdrawals PHP 10,000.00 PHP 10,000.00 PHP 30,000.00
Partner's Capital Balances,
12/31 PHP 223,180.00 PHP 272,060.00 PHP 280,760.00 PHP 776,000.00

Garachico

Date Capital Accounts Portion of Year Unchanged Average Capital Balances

1/1/2014 PHP 150,000.00 1/2 PHP 75,000.00

7/1/2014 PHP 180,000.00 1/4 PHP 45,000.00
10/1/2014 PHP 170,000.00 1/4 PHP 42,500.00
Total PHP 162,500.00

Perez

Date Capital Accounts Portion of Year Unchanged Average Capital Balances

1/1/2014 PHP 200,000.00 4/7 PHP 116,666.67

8/1/2014 PHP 220,000.00 1/6 PHP 36,666.67
10/1/2014 PHP 210,000.00 1/4 PHP 52,500.00
Total PHP 205,833.33

Burgos

Date Capital Accounts Portion of Year Unchanged Average Capital Balances

1/1/2014 PHP 250,000.00 5/6 PHP 208,333.33

11/1/2014 PHP 220,000.00 1/6 PHP 36,666.67
Total PHP 245,000.00

14) c. Anatalio Yecyec Guzon Calimpusan Total

P&L Ratio 30% 30% 20% 20%

Capital Balances (Beginning) PHP 50,000.00 PHP 25,000.00 PHP 25,000.00 PHP 20,000.00 PHP 120,000.00

5% interest on contributed
PHP 2,500.00 PHP 1,250.00 PHP 1,250.00 PHP 1,000.00 PHP 6,000.00
capital
Salaries PHP 5,000.00 PHP 3,000.00 PHP 8,000.00
Residual Profit PHP 5,000.00 PHP 5,000.00 PHP 3,333.33 PHP 3,333.33 PHP 16,666.67
Share in Partners' Profit PHP 12,500.00 PHP 9,250.00 PHP 4,583.33 PHP 4,333.33 PHP 30,666.67
PHP (625.00) PHP (625.00) PHP (416.67) PHP 1,666.67 PHP -
PHP 11,875.00 PHP 8,625.00 PHP 4,166.67 PHP 6,000.00 PHP 30,666.67

13) c. Bacalso

Date Capital Accounts Portion of Year Unchanged Average Capital Balances

1/1/2014 PHP 48,000.00 1/3 PHP 16,000.00

5/1/2014 PHP 42,000.00 1/6 PHP 7,000.00
7/1/2014 PHP 36,000.00 1/2 PHP 18,000.00
Total PHP 41,000.00

7) b. Sales PHP 233,000.00

Less: Sales Returns -PHP 5,000.00
Net Sales PHP 228,000.00

Purchases PHP 196,000.00

Less: Merchandise
PHP 73,000.00
Inventory, End
Cost of Sales PHP 123,000.00

Gross Profit PHP 105,000.00

Operating Expenses $ 60,000.00

Less adjustments: Supplies -PHP 2,500.00

Prepaid Insurance -PHP 950.00
Accrued Expense PHP 1,550.00
Depreciation PHP 7,500.00 PHP 65,600.00
Expense
NET PROFIT: PHP 39,400.00

Profit PHP 39,400.00 Kwong Morales Total

Salaries PHP 25,000.00 P&L Ration 62.50% 37.50%
Proft after salaries PHP 14,400.00 Capital Balances PHP 125,000.00 PHP 75,000.00 PHP 200,000.00
10% Bonus PHP 1,440.00 Salaries PHP 25,000.00 PHP 25,000.00
10% Bonus PHP 1,440.00 PHP 1,440.00
Residual Profit: PHP 8,100.00 PHP 4,860.00 PHP 12,960.00
Share in Partners' Profit PHP 34,540.00 PHP 4,860.00 PHP 39,400.00
Less Drawings PHP 20,000.00 PHP 30,000.00 PHP 50,000.00

Capital Balances on Dec. 31 PHP 139,540.00 PHP 49,860.00 PHP 189,400.00

8) b.
Profit
Soliman Palaganas Total
P&L Ration 40% 60% 100%
Bonus 20% 20%
Residual Profit 100%-20% 32% 48% 80%
Share in Profit 52% 48% 100%

Loss(No Bonus. "bonus the

managing partner when the
results of the operation are
favorable." page 60, Acctg.
For Partnership and Cor.
2014 Edition

Soliman Palaganas Total

P&L Ration 40% 60% 100%
Residual Profit 100% 40% 60% 100%
Share in Loss 40% 60% 100%
1) d. Contributed Bonus Agreed
Partners PHP 260,000.00 PHP (20,000.00) PHP 240,000.00
Garachico PHP 100,000.00 PHP 20,000.00 PHP 120,000.00
Total PHP 360,000.00 PHP 360,000.00

Cash PHP 100,000.00

Garachico, Capital PHP 100,000.00
To record the investment of Garachico.

Partners, Capital PHP 20,000.00

Garachico PHP 20,000.00
To record bonus to new partner.

6) b. P&L Ratio Asset Revaluation Capital Balances Capital Balances after

revaluation
Chung PHP 0.50 -PHP 150,000.00 PHP 500,000.00 PHP 350,000.00
Detoya PHP 0.17 -PHP 50,000.00 PHP 500,000.00 PHP 450,000.00
Digao PHP 0.33 -PHP 100,000.00 PHP 500,000.00 PHP 400,000.00
-PHP 300,000.00 PHP 1,500,000.00 PHP 1,200,000.00

Chung, Capital PHP 150,000.00

Detoya, Capital PHP 50,000.00
Digao, Capital PHP 100,000.00
Asset PHP 300,000.00
To revalue asset per appraisal.

Detoya, Capital PHP 550,000.00

Cash PHP 550,000.00
To record retirement of Detoya.

7) c. Contributed Bonus Agreed

Partners PHP 1,000,000.00 PHP 120,000.00 PHP 1,120,000.00
Villon PHP 600,000.00 PHP (120,000.00) PHP 480,000.00
Total PHP 1,600,000.00 PHP 1,600,000.00

Cash PHP 600,000.00

Villon, Capital PHP 600,000.00
To record investment of Villon.

Villon, Capital PHP 120,000.00

Partners, Capital PHP 120,000.00
To record bonus to old partners.

9) c. Contributed Bonus Agreed

Partners PHP 800,000.00 PHP 100,000.00 PHP 900,000.00
Narvaez PHP 400,000.00 PHP (100,000.00) PHP 300,000.00
Total PHP 1,200,000.00 PHP 1,200,000.00

Cash PHP 400,000.00

Narvaez, Capital PHP 400,000.00
To record the investment of Narvaez.

Narvaez, Capital PHP 100,000.00

Partners, Capital PHP 100,000.00
To record bonus to old partners.

10) b.
Seechua PHP 240,000.00
Longalong PHP 360,000.00

Longalong, Capital PHP 360,000.00

Dellosa, Capital PHP 360,000.00
To record retirement of Longalong and admission of Dellosa.

Capital balances before Capital balances after

11) P&L Ratio Asset Revaluation revaluation revaluation
Yacapin 50% PHP (30,000.00) PHP 200,000.00 PHP 170,000.00
Babaran 30% PHP (18,000.00) PHP 200,000.00 PHP 182,000.00
Cuenca 20% PHP (12,000.00) PHP 200,000.00 PHP 188,000.00
PHP (60,000.00) PHP 600,000.00 PHP 540,000.00

16) Contribution
Perez PHP 750,000.00 PHP (200,000.00) PHP 550,000.00
Darganta PHP 1,500,000.00 PHP (100,000.00) PHP 1,400,000.00
Total PHP 2,250,000.00 PHP (300,000.00) PHP 1,950,000.00
Barros PHP 750,000.00 PHP 300,000.00 PHP 1,050,000.00
Total PHP 3,000,000.00 PHP 3,000,000.00
 Rivera, Bahingawan and Reyes
12) a. Cash Non-Cash Liabilities Rivera Bahingawan Reyes Schedule of Safe Payment
P&L Ratio 50% 30% 20%
Capital Balances before PHP 40,000.00 PHP 210,000.00 PHP 60,000.00 PHP 48,000.00 PHP 72,000.00 PHP 70,000.00 Rivera Bahingawan Reyes
Liquidation
Sale of Non-Cash Asset and
Distribution of Losses PHP 90,000.00 PHP (120,000.00) PHP (15,000.00) PHP (9,000.00) PHP (6,000.00) P&L Ratio 50% 30% 20%

Balances PHP 130,000.00 PHP 90,000.00 PHP 60,000.00 PHP 33,000.00 PHP 63,000.00 PHP 64,000.00 Capital Balances PHP 33,000.00 PHP 63,000.00 PHP 64,000.00

Restricted Interest -
Payment of Liabilities PHP (60,000.00) PHP (60,000.00) Possible Loss of 90,000.00 PHP 45,000.00 PHP 27,000.00 PHP 18,000.00

Balances PHP 70,000.00 PHP 90,000.00 PHP - PHP 33,000.00 PHP 63,000.00 PHP 64,000.00 Balances -PHP 12,000.00 PHP 36,000.00 PHP 46,000.00
Restricted Interest -
Installment to Partners PHP (70,000.00) PHP (28,800.00) PHP (41,200.00) Additional Possible Loss PHP 12,000.00 -PHP 7,200.00 -PHP 4,800.00
of 12,000.00
Balances PHP - PHP 90,000.00 PHP - PHP 33,000.00 PHP 34,200.00 PHP 22,800.00 Free Interest PHP 0.00 PHP 28,800.00 PHP 41,200.00

Cash Non-Cash Liabilities Bautista Modesto Pateno Bautista, Modesto and Pateno
P&L Ratio 60% 25% 15% Cash Priority Program
Capital Balances before
Liquidation PHP 50,000.00 PHP 925,000.00 PHP 350,000.00 PHP 450,000.00 PHP 100,000.00 PHP 75,000.00 30-Jun-09

July - Sale of Non-Cash Asset PHP 500,000.00 PHP (500,000.00) Cash Priority Program

Balances PHP 550,000.00 PHP 425,000.00 PHP 350,000.00 PHP 450,000.00 PHP 100,000.00 PHP 75,000.00 Bautista Modesto Pateno Bautista Modesto Pateno
Payment of Liabilities PHP (350,000.00) PHP (350,000.00) Capital Balances PHP 450,000.00 PHP 100,000.00 PHP 75,000.00
Balances PHP 200,000.00 PHP 425,000.00 PHP - PHP 450,000.00 PHP 100,000.00 PHP 75,000.00 Loan balance
July - Payments to Partners PHP (200,000.00) PHP (190,000.00) PHP (10,000.00) Partner's Total Interest PHP 450,000.00 PHP 100,000.00 PHP 75,000.00
Divide by: Profit and Loss
Balances PHP - PHP 425,000.00 PHP - PHP 260,000.00 PHP 100,000.00 PHP 65,000.00 Ratio 60% 25% 15%

August - Sale of Non-Cash

Asset and Distribution of Losses PHP 150,000.00 PHP (425,000.00) PHP (165,000.00) PHP (68,750.00) PHP (41,250.00) Loss Absorption Balances PHP 750,000.00 PHP 400,000.00 PHP 500,000.00

Balances PHP 150,000.00 PHP - PHP - PHP 95,000.00 PHP 31,250.00 PHP 23,750.00 Priority 1: Bautista -PHP 250,000.00 PHP 150,000.00

August - Payment to Partners PHP (25,000.00) PHP (20,000.00) PHP (5,000.00) PHP 500,000.00 PHP 400,000.00 PHP 500,000.00

Priority 2: Bautista and

Balances for first two priorities PHP 125,000.00 PHP - PHP - PHP 75,000.00 PHP 31,250.00 PHP 18,750.00 Pateno -PHP 100,000.00 -PHP 100,000.00 PHP 60,000.00 PHP 15,000.00

PHP 400,000.00 PHP 400,000.00 PHP 400,000.00 PHP 210,000.00 PHP 0.00 PHP 15,000.00

Christine Gamba,
Cash Non-Cash Liabilities Loan Calingasan Resultay Gamba

Balance Before Realization PHP 315,000.00 PHP 1,250,000.00 PHP 435,000.00 PHP 30,000.00 PHP 600,000.00 PHP 350,000.00 PHP 150,000.00
May: Realization of Asset PHP 300,000.00 PHP (300,000.00) Sched 1 Computation of Safe Payment 30%
Balances PHP 615,000.00 PHP 950,000.00 PHP 435,000.00 PHP 30,000.00 PHP 600,000.00 PHP 350,000.00 PHP 150,000.00 PHP 0.40 PHP 0.30 Gamba
May: Payment of Liabilities PHP (435,000.00) PHP (435,000.00) Calingasan Resultay PHP 150,000.00
Balances PHP 180,000.00 PHP 950,000.00 PHP - PHP 30,000.00 PHP 600,000.00 PHP 350,000.00 PHP 150,000.00 Capital Balances PHP 600,000.00 PHP 350,000.00 PHP 30,000.00
May: Installment to Partners PHP (180,000.00) PHP (160,000.00) PHP (20,000.00) Loan Balance PHP 180,000.00
(Sched 1)

Balances PHP - PHP 950,000.00 PHP - PHP 30,000.00 PHP 440,000.00 PHP 330,000.00 PHP 150,000.00 Total Partner's Interest PHP 600,000.00 PHP 350,000.00 PHP 285,000.00

June: Realization of asset and Restricted Interest-

PHP 210,000.00 PHP (950,000.00) PHP (296,000.00) PHP (222,000.00) PHP (222,000.00) Possible Loss: PHP 380,000.00 PHP 285,000.00 -PHP 105,000.00
distribution of losses 950,000.00
Balances PHP 210,000.00 PHP - PHP - PHP 30,000.00 PHP 144,000.00 PHP 108,000.00 PHP (72,000.00) Balances PHP 220,000.00 PHP 65,000.00 PHP 105,000.00
Restricted Interest-
Right of offset by Gamba PHP (30,000.00) PHP 30,000.00 Additional Possible -PHP 60,000.00 -PHP 45,000.00 PHP 0.00
Loss: 105,000.00
Balances PHP 210,000.00 PHP - PHP - PHP - PHP 144,000.00 PHP 108,000.00 PHP (42,000.00) Free Interests PHP 160,000.00 PHP 20,000.00
June: Installments to Partners
(Sched 2) PHP (210,000.00) PHP (120,000.00) PHP (90,000.00)

Balances PHP - PHP - PHP - PHP - PHP 24,000.00 PHP 18,000.00 PHP (42,000.00)
July: Installment PHP 42,000.00 PHP 42,000.00 Sched 2 Computation of Safe Payment 30%
Balances PHP 42,000.00 PHP - PHP - PHP - PHP 24,000.00 PHP 18,000.00 PHP - PHP 0.40 PHP 0.30 Gamba
July: Final Installment PHP (42,000.00) PHP (24,000.00) PHP (18,000.00) Calingasan Resultay -PHP 42,000.00
Capital Balances PHP 144,000.00 PHP 108,000.00
Loan Balance -PHP 42,000.00

Total Partner's Interest PHP 144,000.00 PHP 108,000.00 PHP 42,000.00

Restricted Interest-
11) d. Cash Non-Cash Liabilities Balino Andres Ignacio Possible Loss: 42,000.00 -PHP 24,000.00 -PHP 18,000.00 PHP 0.00

P&L Ratio 50% 30% 20%

Capital Balances before
liquidation PHP 30,000.00 PHP 320,000.00 PHP 50,000.00 PHP 80,000.00 PHP 115,000.00 PHP 105,000.00 Free Interest PHP 120,000.00 PHP 90,000.00

Sale of non-cash assets and

distribution of losses PHP 100,000.00 PHP (150,000.00) PHP (25,000.00) PHP (15,000.00) PHP (10,000.00)

Balances PHP 130,000.00 PHP 170,000.00 PHP 50,000.00 PHP 55,000.00 PHP 100,000.00 PHP 95,000.00 Balino, Andres and Ignacio
Payment of Liabilities PHP (50,000.00) PHP (50,000.00) Cah Distribution Program
Balances PHP 80,000.00 PHP 170,000.00 PHP - PHP 55,000.00 PHP 100,000.00 PHP 95,000.00 Cash Priority Program
Payment to Partners PHP (80,000.00) PHP (31,000.00) PHP (49,000.00) Balino Andres Ignacio Balino Andres Ignacio
PHP - PHP 170,000.00 PHP - PHP 55,000.00 PHP 69,000.00 PHP 46,000.00 Capital Balances PHP 55,000.00 PHP 100,000.00 PHP 95,000.00
Loan Balance0
Total Partner's Interest PHP 55,000.00 PHP 100,000.00 PHP 95,000.00
Divided by: P&L
Percentage 50% 30% 20%

Loss Absorption Balances PHP 110,000.00 PHP 333,333.33 PHP 475,000.00

Priority 1 - to Ignacio PHP 141,666.67 PHP 28,333.33

PHP 110,000.00 PHP 333,333.33 PHP 333,333.33
Priority 2 - to Andres PHP 223,333.33 PHP 223,333.33 PHP 111,666.67 PHP 67,000.00
PHP 110,000.00 PHP 110,000.00 PHP 110,000.00 PHP 0.00 PHP 111,666.67 PHP 95,333.33

1) a. Cash Non-Cash Liabilities Vicente Garcia Cabuyado

2) b. P&L Ratio 0 0 1/6
Capital Balances before
realization PHP 3,000.00 PHP 79,000.00 PHP 12,000.00 PHP 40,000.00 PHP 25,000.00 PHP 5,000.00

Sale of non-cash assets before

liquidation PHP 37,000.00 PHP (79,000.00) PHP (21,000.00) PHP (14,000.00) PHP (7,000.00)

Balances PHP 40,000.00 PHP - PHP 12,000.00 PHP 19,000.00 PHP 11,000.00 PHP (2,000.00)
Payment to Liabilities PHP (12,000.00) PHP (12,000.00)
Balances PHP 28,000.00 PHP - PHP 12,000.00 PHP 19,000.00 PHP 11,000.00 PHP (2,000.00)
Additional Losses to Vicente
and Garcia PHP (1,200.00) PHP (800.00) PHP 2,140.00

PHP 28,000.00 PHP - PHP 12,000.00 PHP 17,800.00 PHP 10,200.00 PHP 140.00

3) d. Cash Non-Cash Liabilities Villanueva Pozon Yecyec

Capital Balances PHP 120,000.00 PHP 1,080,000.00 PHP 280,000.00 PHP 560,000.00 PHP 320,000.00 PHP 40,000.00
Sale of non-cash assets and
distribution of losses PHP 800,000.00 PHP (1,080,000.00) PHP (140,000.00) PHP (84,000.00) PHP (56,000.00)

Balances PHP 920,000.00 PHP - PHP 280,000.00 PHP 420,000.00 PHP 236,000.00 PHP (16,000.00)
Payment to Liabilities PHP (280,000.00) PHP (280,000.00)
Balances PHP 640,000.00 PHP - PHP - PHP 420,000.00 PHP 236,000.00 PHP (16,000.00)
Additional Losses to Villanueva PHP (10,000.00) PHP (6,000.00)
and Pozon
Balances PHP 640,000.00 PHP - PHP - PHP 410,000.00 PHP 230,000.00 PHP (16,000.00)
Payments to Partners PHP (640,000.00) PHP (410,000.00) PHP (230,000.00)

4) Cash Non-Cash Liabilities De Mesa, Loan De Mesa Tudtud Apostol DTA Partnership
Capital Balances before
liquidation PHP 2,000.00 PHP 28,000.00 PHP 5,000.00 PHP 2,500.00 PHP 12,500.00 PHP 7,000.00 PHP 3,000.00 Schedule of Safe Payments

January: Sale of non-cash

assets and distribution of losses PHP 6,000.00 PHP (9,000.00) PHP (1,500.00) PHP (1,000.00) PHP (500.00) PHP 39,813.00

Balances PHP 8,000.00 PHP 19,000.00 PHP 5,000.00 PHP 2,500.00 PHP 11,000.00 PHP 6,000.00 PHP 2,500.00 De Mesa Tudtud Apostol
Payment of Liabilities PHP (5,000.00) PHP (5,000.00) Capital Balance PHP 11,000.00 PHP 6,000.00 PHP 2,500.00
Balances PHP 3,000.00 PHP 19,000.00 PHP 2,500.00 PHP 11,000.00 PHP 6,000.00 PHP 2,500.00 Loan Balance PHP 2,500.00
January: Installment to
partners (Sched 1) PHP (3,000.00) PHP (3,000.00) Partner's Total Interest PHP 13,500.00 PHP 6,000.00 PHP 2,500.00

Restricted Interest -
Balances PHP - PHP 19,000.00 PHP 2,500.00 PHP 8,000.00 PHP 6,000.00 PHP 2,500.00 Possible loss of -PHP 9,500.00 -PHP 6,333.33 -PHP 3,166.67
19,000.00

February: sale of non-cash

assets and distribution to PHP 3,500.00 PHP (7,700.00) PHP (2,100.00) PHP (1,400.00) PHP (700.00) Balances PHP 4,000.00 -PHP 333.33 -PHP 666.67
partners

Restricted Interest -
Balances PHP 3,500.00 PHP 11,300.00 PHP 2,500.00 PHP 5,900.00 PHP 4,600.00 PHP 1,800.00 Additional Possible loss -PHP 1,000.00 PHP 333.33 PHP 666.67
to De Mesa of 1000

February: Installments to
partners (Schedule 2 PHP (3,500.00) PHP (2,700.00) PHP (800.00) Free Interest PHP 3,000.00 PHP 0.00 PHP 0.00

Balances PHP - PHP 11,300.00 PHP 2,500.00 PHP 3,200.00 PHP 3,800.00 PHP 1,800.00

March: sale of non-cash assets

and distribution of gain PHP 12,500.00 PHP (11,300.00) PHP 600.00 PHP 400.00 PHP 200.00 DTA Partnership

Balances PHP 12,500.00 PHP 2,500.00 PHP 3,800.00 PHP 4,200.00 PHP 2,000.00 Schedule of Safe Payments
Payment to Partners PHP (12,000.00) PHP (2,500.00) PHP (3,800.00) PHP (4,200.00) PHP (2,000.00) PHP 39,813.00
De Mesa Tudtud Apostol
Capital Balance PHP 5,900.00 PHP 4,600.00 PHP 1,800.00
Loan Balance PHP 2,500.00

Partner's Total Interest PHP 8,400.00 PHP 4,600.00 PHP 1,800.00

Restricted Interest -
Possible loss of -PHP 5,650.00 -PHP 3,766.67 -PHP 1,883.33
19,000.00
Balances PHP 2,750.00 PHP 833.33 -PHP 83.33

Restricted Interest -
Additional Possible loss -PHP 50.00 -PHP 33.33 PHP 83.33
to De Mesa of 1000

Free Interest PHP 2,700.00 PHP 800.00 PHP 0.00

1.) C Saliut, Villon and Isagan Partnership
Statement of Liquidation

Cash Non-Cash Asset Liabilities

P&L Ratio
Capital Balances Befor
Liquidation PHP 50,000.00 PHP 360,000.00 PHP 150,000.00
Sale of Non-Cash Asset PHP 300,000.00 PHP (360,000.00)
Balances PHP 350,000.00 PHP - PHP 150,000.00
Payment of Liabilities to
Outsiders PHP (150,000.00) PHP (150,000.00)
Balances PHP 200,000.00 PHP - PHP -
Payments to Partners PHP (200,000.00)

2.) A Saliut, Villon and Isagan Partnership

Statement of Liquidation

Cash Non-Cash Asset Liabilities

P&L Ratio
Capital Balances Befor
Liquidation PHP 50,000.00 PHP 360,000.00 PHP 150,000.00
Sale of Non-Cash Asset PHP 180,000.00 PHP (360,000.00)
Balances PHP 230,000.00 PHP 150,000.00
Payment of Liabilities to
Outsiders PHP (150,000.00) PHP (150,000.00)
Balances PHP 80,000.00
Additional losses to partners
Sallut and Isagan
Balances PHP 80,000.00
Payments to Partners PHP (80,000.00)

3.) D Saliut, Villon and Isagan Partnership

Statement of Liquidation
Cash Non-Cash Asset Liabilities
P&L Ratio

Capital Balances Befor

Liquidation PHP 50,000.00 PHP 360,000.00 PHP 150,000.00
Sale of Non-Cash Asset PHP 140,000.00 PHP (200,000.00)
 Balances PHP 190,000.00 PHP 160,000.00 PHP 150,000.00
Payment of liabilities to
Outsiders PHP (150,000.00) PHP (150,000.00)
Balances PHP 40,000.00 PHP 160,000.00

First Installment to partners PHP (40,000.00)

Balances PHP - PHP 160,000.00

4.) B

5.) a

6.) c Cash Accounts Payable Loan, pozon

Capital balances PHP 47,000.00 PHP 32,000.00 PHP 15,000.00
Payment of liabilities to
outside creditors PHP (32,000.00) PHP (32,000.00)
Balances PHP 15,000.00 PHP 15,000.00
Right of Offset by Pozon PHP (7,000.00)
Balances PHP 15,000.00 PHP 8,000.00
Payments to Partners PHP (15,000.00) PHP (8,000.00)

7.) a Cash Other Assets Liabilities

P&L Ratio
Capital Balances before
liquidation PHP 50,000.00 PHP 250,000.00 PHP 60,000.00

June - sale of Non-Cash

Assets and Distribution of
loss on realization PHP 120,000.00 PHP (150,000.00)

Balances PHP 170,000.00 PHP 100,000.00 PHP 60,000.00

June - Payment of liabilities

to outside creditors PHP (60,000.00) PHP (60,000.00)
Balances PHP 110,000.00 PHP 100,000.00
June - Installment to
partners PHP (110,000.00)
Balances PHP - PHP 100,000.00
8.) a. Cash Other Assets Liabilities
P&L Ratio
Capital balances PHP 100,000.00 PHP 300,000.00 PHP 150,000.00

Sale of non-cash asset and

distribution of losses to
partners PHP 200,000.00 PHP (300,000.00)
Balances PHP 300,000.00 PHP 150,000.00
agan Partnership
Liquidation

Sallut, Capital Villon, Capital Isagan, Capital

PHP 0.40 PHP 0.50 PHP 0.10

PHP 160,000.00 PHP 45,000.00 PHP 55,000.00

PHP (24,000.00) PHP (30,000.00) PHP (6,000.00)
PHP 136,000.00 PHP 15,000.00 PHP 49,000.00

PHP 136,000.00 PHP 15,000.00 PHP 49,000.00

PHP (136,000.00) PHP (15,000.00) PHP (49,000.00)

agan Partnership
Liquidation

Sallut, Capital Villon, Capital Isagan, Capital

PHP 0.40 PHP 0.50 PHP 0.10

PHP 160,000.00 PHP 45,000.00 PHP 55,000.00

PHP (72,000.00) PHP (90,000.00) PHP (18,000.00)
PHP 88,000.00 PHP (45,000.00) PHP 37,000.00

PHP 88,000.00 PHP (45,000.00) PHP 37,000.00

PHP (36,000.00) PHP 45,000.00 PHP (9,000.00)

PHP 52,000.00 PHP 28,000.00
PHP (52,000.00) PHP (28,000.00)

agan Partnership
Liquidation
Sallut, Capital Villon, Capital Isagan, Capital
PHP 0.40 PHP 0.50 PHP 0.10

PHP 160,000.00 PHP 45,000.00 PHP 55,000.00

PHP (24,000.00) PHP (30,000.00) PHP (6,000.00)
PHP 136,000.00 PHP 15,000.00 PHP 49,000.00

PHP 136,000.00 PHP 15,000.00 PHP 49,000.00

PHP (20,000.00) PHP (20,000.00)

PHP 116,000.00 PHP 15,000.00 PHP 29,000.00

Pozon Ronzales
PHP (7,000.00) PHP 7,000.00

PHP (7,000.00) PHP 7,000.00

PHP 7,000.00
PHP 7,000.00
PHP (7,000.00)

Leung Ricablanca Edulan

1/2 2/7 1/5

PHP 80,000.00 PHP 90,000.00 PHP 70,000.00

PHP (15,000.00) PHP (9,000.00) PHP (6,000.00)

PHP 65,000.00 PHP 81,000.00 PHP 64,000.00

PHP 65,000.00 PHP 81,000.00 PHP 64,000.00

PHP (15,000.00) PHP (51,000.00) PHP (44,000.00)

PHP 50,000.00 PHP 30,000.00 PHP 20,000.00
Borromeo Corpuz Dedumo
PHP 0.40 PHP 0.30 PHP 0.30
PHP 40,000.00 PHP 180,000.00 PHP 30,000.00

PHP (40,000.00) PHP (30,000.00) PHP (30,000.00)

PHP - PHP 150,000.00 PHP -
 Saliut Villon Isagan
Capital Balances PHP 136,000.00 PHP 15,000.00 PHP 49,000.00
Loan Balance
Partner's Interest PHP 136,000.00 PHP 15,000.00 PHP 49,000.00

Restricted Interest-
possible Loss of
Php160,000.00 PHP (64,000.00) PHP (80,000.00) PHP (16,000.00)
Balances PHP 72,000.00 PHP (65,000.00) PHP 33,000.00
 Restricted Intrest -
Additional Possible
Loss of
Php65,000.00 PHP (52,000.00) PHP 65,000.00 PHP (13,000.00)

Free Interest PHP 20,000.00 PHP - PHP 20,000.00

Leung Ricablanca Edulan

Capital Balances PHP 65,000.00 PHP 81,000.00 PHP 64,000.00

Loan Balances

Partner's Interest PHP 65,000.00 PHP 81,000.00 PHP 64,000.00

Restricted Interest -
Possible loss of
Php100,000.00 PHP (50,000.00) PHP (30,000.00) PHP (20,000.00)

Free Interest PHP 15,000.00 PHP 51,000.00 PHP 44,000.00

1.) d
2.) b Cash Liabilities Arzadon, Capital
Capital Balances Php 100,000.00 Php - Php 60,000.00
before Liquidation

Payments to Partners Php (100,000.00) Php 60,000.00

3.) d Cash Other Assets Liabilities

Capital Balances Php 54,000.00 Php 27,000.00

Sale of non-cash assets Php 60,000.00 Php (54,000.00)

Balances Php 60,000.00 Php 27,000.00

Payments of liabilities
to outside creditors Php (27,000.00) Php (27,000.00)

Balances Php 33,000.00

Payments to partners Php (33,000.00)

4.) b Cash Nozuelo Campillo

Capital Balances Php 52,000.00 Php 40,000.00 Php 30,000.00
Additional losses to
partners Nozuela and Php (9,000.00) Php (9,000.00)
Campillo
Balances Php 52,000.00 Php 31,000.00 Php 21,000.00

Payments to partners Php (52,000.00) Php (31,000.00) Php (21,000.00)

5.) d Tatiago Mariano Onate

Balances Php 10,000.00 Php 12,000.00 Php (4,000.00)
Additional losses to
partners Tatiago and Php (1,600.00) Php (2,400.00) Php 4,000.00
Mariano
Balances Php 8,400.00 Php 9,600.00

Payments to partners Php (8,400.00) Php (9,600.00)

6.) c Cash Non-Cash Assets Liabilities

Capital Balances
Php 100,000.00 Php 50,000.00 Php 10,000.00
before liquidation

Sale of non-cash assets

and distribution of gain Php 90,000.00 Php (50,000.00)
on realization
 Balances Php 190,000.00 Php - Php 10,000.00

Payment of liabilities Php (10,000.00) Php (10,000.00)

Blaances Php 180,000.00 Php - Php -

Payments to partners Php (180,000.00)

7.) b.

Property and
Cash Inventory
8.) a Equipment
Capital Balance Php 20,000.00 Php 120,000.00 Php 300,000.00
9.) c
Balances Php 180,000.00
Php (170,000.00)

10.) a Balances Php 220,000.00

Payment of liabilities Php

(170,000.00)
to outside creditors

Balances Php 50,000.00

 Millado, Capital

Php 40,000.00

Php 40,000.00

Agaton Valdepenas
Php 15,000.00 Php 12,000.00

Php 4,000.00 Php 2,000.00

Php 19,000.00 Php 14,000.00

Php 19,000.00 Php 14,000.00

Php (19,000.00) Php (14,000.00)

Sorio
Php (18,000.00)

Php 18,000.00

Alvaro Ampil

Php 50,000.00 Php 90,000.00

Php 20,000.00 Php 20,000.00

Php 70,000.00 Php 110,000.00

Php 70,000.00 Php 110,000.00

Php (70,000.00) Php (110,000.00)

Accounts Payable Mendoza Cabredo Ibarra

Php 170,000.00 Php 100,000.00 Php 90,000.00 Php 80,000.00

Php (170,000.00)

Php 10,000.00

Php (170,000.00)

Php 25,000.00 Php 15,000.00 Php 10,000.00

 Mendoza Cabredo Ibarra

Capital Balances Php 100,000.00 Php 90,000.00 Php 80,000.00

Loan Balance
Partner's Interest Php 100,000.00 Php 90,000.00 Php 80,000.00
P&L Ratio Php 0.50 Php 0.30 Php 0.10
Loss absorption Php 200,000.00 Php 300,000.00 Php 800,000.00
Balance
Priority I to Ibarra Php (500,000.00)

Balance Php 200,000.00 Php 300,000.00 Php 300,000.00

Priority II to Cabredo Php (100,000.00) Php (100,000.00)

and Ibarra
Php 200,000.00 Php 200,000.00 Php 200,000.00
Priority III: Amounts
in excess of
Php90,000.00 based
on P/L Ratio
 Cash Priority Program

Mendoza Cabredo Ibarra

Php 50,000.00

Php 30,000.00 Php 10,000.00

Php - Php 30,000.00 Php 60,000.00

Php 0.50 Php 0.30 Php 0.10

Problem #1 Arenas, Dulay and Laurente Partn
Statement of Liquidation
30-Jun-14

Cash Non-Cash Assets

Capital Balances PHP 50,000.00 PHP 2,350,000.00
Sale of non-cash asset and
distribution of gain on realization PHP 2,650,000.00 PHP (2,350,000.00)
Balances PHP 2,700,000.00

Payment of liabilities to outside

creditors PHP (400,000.00)
Balances PHP 2,300,000.00

Payment to partners PHP (2,300,000.00)

1.) Cash
Non-cash Asset
Gain on Realization
To record sale of non-cash asset and gain on re

2.) Gain on Realization

Arenas, Capital
Dulay, Capital
Laurente, Capital
To record distribution of gain on realization to

3.) Liabilities
Cash
To record payment of liabilities to outside cre

4.) Arenas, Capital

Dulay, Capital
Laurente, Capital
Cash
To record final distribution of cash to partn

Problem #2 Miranda, Leon and Estoque Partn

Statement of Liquidation
31-Mar-14

Cash Other Assets

Capital Balances before Liquidation PHP 150,000.00 PHP 2,600,000.00

 Sale of non-cash assets and
distribution of losses on realization
to partners PHP 2,150,000.00 PHP (2,600,000.00)
Balances PHP 2,300,000.00

Payment of liabilities to outside

creditors PHP (750,000.00)
Balances PHP 1,550,000.00

Payment to partners PHP (1,550,000.00)

1.) Cash
Loss on Realization
Non-cash Assets
To record sale of non-cash asset and loss on realization.

2.) Miranda, Capital

Leon, Capital
Estoque, Capital
Loss on Realization
To record distribution of losses on realization to

3.) Liabilities
Cash
To record payment of liabilities to outside cre

4.) Miranda, Capital

Leon, Capital
Estoque, Capital
Cash
To record final cash distribution to partne

Problem #3 Gulane, Tormis and S

Statement of
30-Jun

Merchandise
Cash Inventory

Capital Balances Before Liquidation PHP 419,170.00 PHP 612,300.00

Sale of Merchandise Iinventory and

distribution of losses on realization
to partners PHP 582,800.00 PHP (612,300.00)
Balances PHP 1,001,970.00
 Sale of other assets and distribution
of gains on realization to partners PHP 550,900.00
Balances PHP 1,552,870.00
Payment of liabilities to outside
creditors PHP (131,350.00)
Balances PHP 1,421,520.00
Payment to partners PHP (1,421,520.00)

Required:
Cash
Loss on Realization
Merchandise
Inventory
To record sale of merchandise inventory and losses

Gulane, Capital
Tormis, Capital
Saliadin, Capital
Loss on Realization

To record distribution of losses on realization of merchandise

Cash
Non-cash Assets
Gain on Realization
To record distribution of losses on realization of non

Liabilities
Cash
To record payment of liabilities to outside cre

Gulane, Capital
Tormis, Capital
Saliadin, Capital
Cash
To record final distribution of cash to partn

Problem #4 Villanueva and Resultay Partne

Statement of Liquidation

Cash Non-cash Assets

Capital Balances before Liquidation PHP 250,000.00 PHP 450,000.00

 Sale of Non-Cash Assets and
Distribution of Losses on Realization
to Partners PHP 170,000.00 PHP (450,000.00)
Balances PHP 420,000.00
Payment of Liabilities PHP (300,000.00)
Balances PHP 120,000.00
Additional Investment by Partner
Villanueva PHP 10,000.00
Balances PHP 130,000.00
Payment to partners PHP (130,000.00)

Required:
Cash
Loss on Realization
Non-cash Assets
To record sale and loss on realization of non-ca

Villanueva, Capital
Resultay, Capital
Loss on Realization
Distribution of loss on realization to partn

Accounts Payable
Cash
Payment of liabilities to outside creditor

Cash
Villanueva, Capital
To record aditional investment of partner Villa

Resultay, Capital
Cash
To record final distribution of cash to partn

Problem #5 Escareal, Acosta and Lopez Partn

Statement of Liquidation

Cash Non-cash Assets

P&L Ratio

Capital Balances before Liqudation PHP 150,000.00 PHP 1,000,000.00

Sale of Non-Cash Assets and

Distribution of Losses to partners PHP 460,000.00 PHP (1,000,000.00)
Balances PHP 610,000.00
 Payment of liabilities to outside
creditors PHP (250,000.00)
Balances PHP 360,000.00
Additional losses to Parners Escareal
and Lopez
Balances PHP 360,000.00
Payment to partners PHP (360,000.00)

Required:
Cash
Loss on Realization
Non-cash Assets
To record sale and losses on realization of non-ca

Escareal, Capital
Acosta, Capital
Lopez, Capital
Loss on Realization
To record distribution of losses to partne

Accounts Payable
Cash
To record payment of liabilities to outside cre

Escareal, Capital
Lopez, Capital
Acosta, Capital
To record additional losses to partners Escareal a

Escareal, Capital
Lopez, Capital
Cash
To record final cash distribution to partne

Problem #6 Modesto and Corpuz Partnership

Statement of Liquidation
December 21, 2014

Cash Assets
P&L Ratio

Capital Balances before Liquidation PHP 1,200,000.00

 Sake of Non-Cash Assets and
Distribution of Losses on Realization
to partners PHP 900,000.00 PHP (1,200,000.00)
Balances PHP 900,000.00
Payment of Libailities to outside
creditors PHP (150,000.00)
Balances PHP 750,000.00
Payment to partners PHP (750,000.00)

Problem #7
Cash Natividad
P&L Ratio 50%

Capital Balances before Liquidation PHP 340,000.00

Distribution of Gains on Realization PHP 60,000.00

Balances PHP 820,000.00 PHP 400,000.00
Payment to partners PHP (820,000.00) PHP (400,000.00)

Problem #8 Cash Soria

P&L Ratio 50%

Capital balances before Liquidation PHP 150,000.00

Distribution of Losses on Realization PHP (30,000.00)

Balances PHP 160,000.00 PHP 120,000.00
Payment to partners PHP (160,000.00) PHP (120,000.00)
enas, Dulay and Laurente Partnership
Statement of Liquidation
30-Jun-14

Liabilities Arenas, Capital Dulay, Capital Laurente, Capital

PHP 400,000.00 PHP 900,000.00 PHP 500,000.00 PHP 600,000.00

PHP 100,000.00 PHP 100,000.00 PHP 100,000.00

PHP 400,000.00 PHP 1,000,000.00 PHP 600,000.00 PHP 700,000.00

PHP (400,000.00)
PHP 1,000,000.00 PHP 600,000.00 PHP 700,000.00

PHP (1,000,000.00) PHP (600,000.00) PHP (700,000.00)

PHP 2,650,000.00
PHP 2,350,000.00
PHP 300,000.00
non-cash asset and gain on realization.

PHP 300,000.00
PHP 100,000.00
PHP 100,000.00
PHP 100,000.00
ution of gain on realization to partners.

PHP 400,000.00
PHP 400,000.00
ment of liabilities to outside creditors.

PHP 1,000,000.00
PHP 600,000.00
PHP 700,000.00
PHP 2,300,000.00
nal distribution of cash to partners.

iranda, Leon and Estoque Partnership

Statement of Liquidation
31-Mar-14

Liabilities Miranda, Capital Leon, Capital Estoque, Capital

PHP 750,000.00 PHP 400,000.00 PHP 600,000.00 PHP 1,000,000.00

 PHP (150,000.00) PHP (150,000.00) PHP (150,000.00)
PHP 750,000.00 PHP 250,000.00 PHP 450,000.00 PHP 850,000.00

PHP (750,000.00)
PHP 250,000.00 PHP 450,000.00 PHP 850,000.00

PHP (250,000.00) PHP (450,000.00) PHP (850,000.00)

PHP 2,150,000.00
PHP 450,000.00
PHP 2,600,000.00
sset and loss on realization.

PHP 150,000.00
PHP 150,000.00
PHP 150,000.00
PHP 450,000.00
ution of losses on realization to partners.

PHP 750,000.00
PHP 750,000.00
ment of liabilities to outside creditors.

PHP 250,000.00
PHP 450,000.00
PHP 850,000.00
PHP 1,550,000.00
final cash distribution to partners.

Gulane, Tormis and Saliadin Partnership

Statement of Liquidation
30-Jun-14

Other Assets Accounts Payable Gulane, Capital Tormis, Capital

PHP 472,680.00 PHP 131,350.00 PHP 561,600.00 PHP 436,800.00

PHP (11,800.00) PHP (11,800.00)

PHP 472,680.00 PHP 131,350.00 PHP 549,800.00 PHP 425,000.00
 PHP (472,680.00) PHP 31,288.00 PHP 31,288.00
PHP 131,350.00 PHP 581,088.00 PHP 456,288.00

PHP (131,350.00)
PHP 581,088.00 PHP 456,288.00
PHP (581,088.00) PHP (456,288.00)

PHP 582,800.00
PHP 29,500.00

PHP 612,300.00
chandise inventory and losses on realization.

PHP 11,800.00
PHP 11,800.00
PHP 5,900.00
PHP 29,500.00

s on realization of merchandise inventory to partners.

PHP 550,900.00
PHP 472,680.00
PHP 78,220.00
n of losses on realization of non-cash assets.

PHP 131,350.00
PHP 131,350.00
ment of liabilities to outside creditors.

PHP 581,088.00
PHP 456,288.00
PHP 384,144.00
PHP 1,421,520.00
nal distribution of cash to partners.

Villanueva and Resultay Partnership

Statement of Liquidation

Accounts Payable Villanueva, Capital Resultay, Capital

PHP 300,000.00 PHP 200,000.00 PHP 200,000.00

 PHP (210,000.00) PHP (70,000.00)
PHP 300,000.00 PHP (10,000.00) PHP 130,000.00
PHP (300,000.00)
PHP (10,000.00) PHP 130,000.00

PHP 10,000.00
PHP 130,000.00
PHP (130,000.00)

PHP 170,000.00
PHP 280,000.00
PHP 450,000.00
nd loss on realization of non-cash assets.

PHP 210,000.00
PHP 70,000.00
PHP 280,000.00
n of loss on realization to partners.

PHP 300,000.00
PHP 300,000.00
of liabilities to outside creditors.

PHP 10,000.00
PHP 10,000.00
onal investment of partner Villanueva.

PHP 130,000.00
PHP 130,000.00
nal distribution of cash to partners.

careal, Acosta and Lopez Partnership

Statement of Liquidation

Accounts Payable Escareal, Capital Acosta, Capital Lopez, Capital

1/3 1/2 1/6

PHP 250,000.00 PHP 300,000.00 PHP 210,000.00 PHP 390,000.00

PHP (180,000.00) PHP (270,000.00) PHP (90,000.00)

PHP 250,000.00 PHP 120,000.00 PHP (60,000.00) PHP 300,000.00
 PHP (250,000.00)
PHP 120,000.00 PHP (60,000.00) PHP 300,000.00

PHP (40,000.00) PHP 60,000.00 PHP (20,000.00)

PHP 80,000.00 PHP 280,000.00
PHP (80,000.00) PHP (280,000.00)

PHP 460,000.00
PHP 540,000.00
PHP 1,000,000.00
d losses on realization of non-cash assets.

PHP 180,000.00
PHP 270,000.00
PHP 90,000.00
PHP 540,000.00
distribution of losses to partners.

PHP 250,000.00
PHP 250,000.00
ment of liabilities to outside creditors.

PHP 40,000.00
PHP 20,000.00
PHP 60,000.00
nal losses to partners Escareal and Lopez.

PHP 80,000.00
PHP 280,000.00
PHP 360,000.00
final cash distribution to partners.

nd Corpuz Partnership
ment of Liquidation
ember 21, 2014

Libailities Modesto, Capital Corpuz, Capital

2/3 1/3

PHP 150,000.00 PHP 600,000.00 PHP 450,000.00

 PHP (200,000.00) PHP (100,000.00)
PHP 150,000.00 PHP 400,000.00 PHP 350,000.00

PHP (150,000.00)
PHP 400,000.00 PHP 350,000.00
PHP (400,000.00) PHP (350,000.00)

Ungria
50%

PHP 360,000.00

PHP 60,000.00
PHP 420,000.00
PHP (420,000.00)

Paras
50%

PHP 70,000.00

PHP (30,000.00)
PHP 40,000.00
PHP (40,000.00)
Sailadin, Capital

PHP 374,400.00

PHP (5,900.00)
PHP 368,500.00
PHP 15,644.00
PHP 384,144.00

PHP 384,144.00
PHP (384,144.00)