Rongim Benedict P.

Guadalupe BABA 1G

REYES, SANDOVAL, AND RAMEL

STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2008

PROFIT = 1,600,000

REYES SANDOVAL
SALARIES 400,000 350,000
INTEREST
1,200,000 X 12%
750,000 X 12%
500,000 X 12% 144,000 90,000
BALANCE 256,000
RATIO 5:3:2 128,000 76,800
672,000 516,800

REYES, SANDOVAL, AND RAMEL

STATEMENT OF LIQUIDATION
FOR THE PERIOD MARCH 5 - 31 , 2009
CASH OTHER ASSETS LIABILITIES CAPITAL
REYES
PROFIT AND LOSS RATIO 5
BALANCES BEFORE LIQUIDATION 460,000 2,740,000 400,000 1,372,000
SALE AND ASSETS AND DISTRIBUTION OF GAIN 2,900,000 -2,740,000 80,000
BALANCES 3,360,000 400,000 1,452,000
PAYMENT OF LIABILITIES -400,000 -400,000
BALANCES 2,960,000 1,452,000
PAYMENT TO PARTNERS -2,960,000 -1,452,000
, AND RAMEL REYES, SANDOVAL, AND RA
DECEMBER 31, 2008 STATEMENT OF CHANGES IN PARTNER
FOR THE YEAR ENDED DEC. 31, 2

REYES
RAMEL TOTAL EQUITY JANUARY 1 1,200,000
300,000 1,050,000 ADD: PROFIT FOR 2016
SALARIES 400,000
INTEREST 144,000
BALANCE - 5:3:2 128,000
60,000 294,000 TOTAL SHARE PROFIT 1,872,000
LESS: WITHDRAWALS 500,000
51,200 256,000 1,372,000
411,200 1,600,000

JOURNAL ENTRIES FOR LIQUIDATION

A. REALIZATION OF ASSETS AND DISTRIBUTIONSOF GAIN

CAPITAL Mar-31 CASH

SANDOVAL RAMEL OTHER ASSETS
3 2 REYES, CAPITAL
866,800 561,200 SANDOVAL CAPITAL
48,000 32,000 RAMEL, CAPITAL
914,800 593,200
B. PAYMENT OF LIABILITIES
914,800 593,200
-914,800 -593,200 Mar-31 LIABILITIES
CASH

C. PAYMENT TO PARTNERS

Mar-31 REYES, CAPITAL

SANDOVAL, CAPITAL
RAMEL, CAPITAL
CASH
 REYES, SANDOVAL, AND RAMEL
NT OF CHANGES IN PARTNERS EQUITY
THE YEAR ENDED DEC. 31, 2008

SANDOVAL RAMEL TOTAL

750,000 500,000 2,450,000

350,000 300,000 1,050,000

90,000 60,000 294,000
76,800 51,200 256,000
1,266,800 911,200 4,050,000
400,000 350,000 1,250,000
866,800 561,200 2,800,000

FOR LIQUIDATION
ND DISTRIBUTIONSOF GAIN ON REALIZATION
DR CR
2,900,000
OTHER ASSETS 2,740,000
REYES, CAPITAL 80,000
SANDOVAL CAPITAL 48,000
RAMEL, CAPITAL 32,000

400,000
400,000

1,452,000
914,800
593,200
2,960,000
 ESPELETA AND GUIA
CASH PRIORITY PROGRAM 2008
PAYMENTS
ESPELETA DE GUIA ESPELETA DE GUIA
CAPITAL BALANCES 60,000 20,000
ADD: LOAN BALANCES 10,000
TOTAL PARTNERS INSTEREST 60,000 30,000
DIVIDED BY:PROFIT OR LOSS RATIO 40% 60%
LOSS ABSORPTION BALANCES 150,000 50,000
PRIORITY 1: CASH TO ESPELETA
(100,000 X 40% ) -100,000 40,000
BALANCES 50,000 50,000 40,000
PRIORITY 2: BASED ON P&L RATIO
2008
DATE ACCOUNT TITLE DEBIT CREDIT
Sep-23 CASH 60,000
ESPELETA, CAPITAL 4,000
DE GUIA, CAPITAL 6,000
NON-CASH ASSETS 70,000

Sep-23 ACCOUNTS PAYABLE 15,000

CASH 15,000

Sep-23 ESPELETA, CAPITAL 43,600

LOAN PAYABLE - DE GUIA 5,400
CASH 49,000

Oct-01 CASH 18,000

ESPELETA, CAPITAL 4,800
DE GUIA, CAPITAL 7,200
NON-CASH ASSETS 30,000

Oct-01 ESPELETA, CAPITAL 7,600

LOAN PAYABLE - DE GUIA 4,600
DE GUIA, CAPITAL 6,800
CASH 19,000