UNIVERSIDAD DE MANILA

FINAL EXAMINATION
In
PARTNERSHIP AND CORPORATION

Name:_

Course:BSBA ECONOMICS__

Yr. & Sec:_1st year- 11____

Partners A,B and C decided to liquidate their business on January 31, 2021 and showed the
following financial position:

LIABILITIES & STOCKHOLDER'S

ASSETS EQUITY

Cash 28,000 Accounts Payable 14,400

Non-Cash Assets 36,000 Loan Payable to A 4,000
A, Capital 8,000
B, Capital 16,000
  C, Capital 21,600
Totals 64,000 Totals 64,000

It was also agreed that cash distribution be made at the end of each month
provided there was sufficient cash for this purpose.
Profit and loss ratio was 2:1:2 respectively.

The liquidation transactions for the months of February, March and April were
as Follows:
BV of Restricted Cash
Cash Assets Liabilities Liquidation for future
Proceeds Sold paid Expense expenses
February 8,000 12,000 12,000 2,400 1,600
March 12,800 16,000 2,400 1,600 800
April 6,400 8,000 800

Note: The statement of liquidation is supported by schedule of safe payments.

Required: Prepare a liquidation Table and schedule of safe payments