Problem No.

1
Chapter 3

Cash Non-Cash Assets Liabilities Arenas, Capital

P/L Percentage Equally
Balance before Liquidation 50,000 2,350,000 400,000 900,000
Sale of NCA and Distribution of Losses 2,650,000 (2,350,000) 100,000
Balances 2,700,000 400,000 1,000,000
Payment of Liabilities (400,000) (400,000)
Balances 2,300,000 1,000,000
Payment to Partners (2,300,000) (1,000,000)
Dulay, Capital Laurente, Capital
Equally
500,000 600,000
100,000 100,000 300,000
600,000 700,000

600,000 700,000 2,300,000

(600,000) (700,000)