Medina Loqueloque

Cash ₱ 42,000.00 ₱ 30,000.00

Accounts Receivable ₱ 389,200.00 ₱ 169,200.00
Allowance for Uncollectible Accounts -₱ 22,400.00 -₱ 14,400.00
Merchandise Inventory ₱ 461,600.00 ₱ 300,800.00
Prepaid Rent ₱ 6,000.00
Office Supplies ₱ 30,400.00 ₱ 4,000.00
Land ₱ 40,000.00
Building ₱ 128,000.00
Accumulated Depreciation -₱ 32,000.00
Office Equipment ₱ 24,000.00 ₱ 62,000.00
Accumulated Depreciation -₱ 6,000.00 -₱ 13,200.00
Repair Equipment ₱ 172,000.00
Accumulated Depreciation -₱ 68,000.00
Total Assets ₱ 1,158,800.00 ₱ 544,400.00

Notes Payable ₱ 120,000.00

Accounts Payable ₱ 170,000.00 ₱ 111,600.00
Mortgage Payable ₱ 200,000.00
Medina, Capital ₱ 668,800.00
Loqueloque, Capital ₱ 432,800.00
Total Liabilities and Owner's Equity ₱ 1,158,800.00 ₱ 544,400.00

Book of Medina Book of Loqueloque

1
Land ₱ 68,000.00
Building ₱ 64,000.00
Medina, Capital ₱ 89,200.00 Loqueloque, Capital
Merchandise Inventory ₱ 105,200.00 Merchandise Inventory
Office Equipment ₱ 8,000.00
Repair Equipment ₱ 48,000.00
Notes Payable ₱ 60,000.00
To record the adjustments of Medina's capita₱ 221,200.00 ₱ 221,200.00
2
Notes Payable ₱ 60,000.00
Accounts Payable ₱ 170,000.00
Mortgage Payable ₱ 200,000.00
Allowance for Uncollectible Accounts ₱ 22,400.00
Accumulated Depreciation-building ₱ 32,000.00
Accumulated Depreciation-office equipment ₱ 6,000.00
Accumulated Depreciation-repair equipment ₱ 68,000.00
Medina, Capital ₱ 579,600.00
Cash ₱ 42,000.00
Accounts Receivable ₱ 389,200.00
Merchandise Inventory ₱ 356,400.00
Office Supplies ₱ 30,400.00
Land ₱ 108,000.00
Building ₱ 160,000.00
Office Equipment ₱ 10,000.00
Repair Equipment ₱ 56,000.00

₱ 1,138,000.00 ₱ 1,152,000.00
Book of Loqueloque
1

Loqueloque, Capital ₱ 14,800.00

Merchandise Inventory ₱ 7,200.00
Office Equipment ₱ 22,000.00
To record the adjustments of Loqueloque's capital.

₱ 22,000.00 ₱ 22,000.00
 Ables Galang
Cash ₱ 20,000 ₱ 30,000
Inventory ₱ 15,000
Building ₱ 40,000
Furniture and Equipment ₱ 15,000
Mortgage ₱ 10,000
Ables, Capital ₱ 75,000
Galang, Capital ₱ 35,000

Lacson Yacapin Bernal

Cash ₱ 50,000 Property ₱ 80,000 Equipment
Mortgage ₱ 35,000
Yacapin, Capital ₱ 45,000
₱ 55,000
Multiple Choices

1. B. P30,000
Mactal: 50,000*60% ₱ 30,000.00
Macadang: 50,000*40% ₱ 20,000.00
₱ 50,000.00

2. B. Reyes at P50,000 Ong, Rodriguez, Pamittan and Reyes

Statement of Liquidation

Balance before liquidation

Sale of non-cash assets
Balances
Payment of liabilities
Balances
Right of offset
Balances
Investment by Reyes
Balances
Payment to partners
Balances

3 Statement of Liquidation
 30%
Cash Non-Cash Assets Liabilities Rodriguez, Loan Reyes, Loan Ong, Capital
₱ 100,000.00 ₱ 1,800,000.00 ₱ 750,000.00 ₱ 60,000.00 ₱ 50,000.00 ₱ 420,000.00
₱ 800,000.00 -₱ 1,800,000.00 -₱ 300,000.00
₱ 900,000.00 ₱ - ₱ 750,000.00 ₱ 60,000.00 ₱ 50,000.00 ₱ 120,000.00
-₱ 750,000.00 -₱ 750,000.00
₱ 150,000.00 ₱ - ₱ 60,000.00 ₱ 50,000.00 ₱ 120,000.00
-₱ 50,000.00
₱ 150,000.00 ₱ 60,000.00 ₱ - ₱ 120,000.00
₱ 50,000.00
₱ 200,000.00 ₱ 60,000.00 ₱ 120,000.00
-₱ 200,000.00 -₱ 60,000.00 -₱ 120,000.00
₱ - ₱ - ₱ -

3 2 1
Cash Non-Cash Assets Liabilities Amurao, Capital Estoque, Capital Zulueta, Capital
₱ 28,000.00 ₱ 37,000.00 ₱ 12,000.00 ₱ 40,000.00 ₱ 25,000.00 ₱ 5,000.00
₱ 37,000.00 -₱ 37,000.00
₱ 65,000.00 ₱ - ₱ 12,000.00 ₱ 40,000.00 ₱ 25,000.00 ₱ 5,000.00
-₱ 12,000.00 -₱ 12,000.00
₱ 53,000.00 ₱ - ₱ 40,000.00 ₱ 25,000.00 ₱ 5,000.00
-₱ 53,000.00 -₱ 26,500.00 -₱ 17,666.67 -₱ 8,833.33
₱ - ₱ 13,500.00 ₱ 7,333.33 -₱ 3,833.33
 30% 20% 20%
Rodriguez, Capital Pamittan, Capital Reyes, Capital
₱ 315,000.00 ₱ 205,000.00 ₱ 100,000.00
-₱ 300,000.00 -₱ 200,000.00 -₱ 200,000.00
₱ 15,000.00 ₱ 5,000.00 -₱ 100,000.00

₱ 15,000.00 ₱ 5,000.00 -₱ 100,000.00

₱ 50,000.00
₱ 15,000.00 ₱ 5,000.00 -₱ 50,000.00
₱ 50,000.00
₱ 15,000.00 ₱ 5,000.00 ₱ -
-₱ 15,000.00 -₱ 5,000.00
₱ - ₱ -