Miranda, Leon and Estoque Partnership

Statement of Liquidation
March 31,2019
Cash Non-Cash Assets Liabilities Miranda, Capital Leon, Capital
P/L Percentages (1/3) (1/3)
Balances before liquidation 150,000 2,600,000 750,000 400,000 600,000
Sales of Non-cash Assets
and Distribution of loss 2,150,000 -2,600,000 -150,000 -150,000
Balances 2,300,000 750,000 250,000 450,000
Payment of liabilities to
Outsiders -750,000 -750,000
Balances 1,550,000 250,000 450,000
Payments to Partners -1,550,000 -250,000 -450,000
 Arenas, Dulay and Laurente Partnership
Journal Entries
Estoque, Capital Date Account Titles and Explanation PR Debit
(1/3) Mar 31 Cash 2,150,000
1,000,000 Loss on Realization 450,000
Non-Cash Assets
-150,000 To record sales of non-cash assets with Loss on realization
850,000
June 30 Miranda, Capital 150,000
Leon, Capital 150,000
850,000 Estoque, Capital 150,000
-850,000 Loss on Realization
To record distribution of loss on realization

June 30 Liabilities 750,000

Cash
To record the payments in liabilities

June 30 Miranda, Capital 250,000

Leon, Capital 450,000
Estoque, Capital 850,000
Cash
To record distribution of cash to the partners
 Credit

2,600,000

450,000

750,000

1,550,000