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  • CHP 4 Assignment 1 (Sarte)

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    The document summarizes the liquidation of a partnership. It shows the partnership had an initial cash balance of $50,000 and sold non-cash assets for $2.65 million, realizing a total of $2.7 million. After paying liabilities of $400,000 the remaining $2.3 million was paid out to the three partners - Arenas, Dulay, and Laurente - based on their 1/3 share each. The document provides a breakdown of the transaction.

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    Chp 4 Assignment 1 (Sarte)

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    The document summarizes the liquidation of a partnership. It shows the partnership had an initial cash balance of $50,000 and sold non-cash assets for $2.65 million, realizing a total of $2.7 million. After paying liabilities of $400,000 the remaining $2.3 million was paid out to the three partners - Arenas, Dulay, and Laurente - based on their 1/3 share each. The document provides a breakdown of the transaction.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    7 views6 pages

    CHP 4 Assignment 1 (Sarte)

    Uploaded by

    2080288
    The document summarizes the liquidation of a partnership. It shows the partnership had an initial cash balance of $50,000 and sold non-cash assets for $2.65 million, realizing a total of $2.7 million. After paying liabilities of $400,000 the remaining $2.3 million was paid out to the three partners - Arenas, Dulay, and Laurente - based on their 1/3 share each. The document provides a breakdown of the transaction.

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    © All Rights Reserved
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    of 6

    Cash

    Profit or loss ratio


    Balance before liquidation ₱50,000.00
    Sale of non-cash assets ₱2,650,000.00
    Balances ₱2,700,000.00
    Payment to liabilities to outsider -₱400,000.00
    Balances ₱2,300,000.00
    Payment to partner -₱2,300,000.00

    Cash ₱2,650,000.00
    Non-cash assets
    Gain on realization
    Record the selling of non-cash asse
    2

    Gain on realization ₱300,000.00


    Arenas, capital
    Dulay capital
    Laurente capital
    Record distribution of gains on real
    Arenas, Dulay and Laurente
    Statement of Liquidation
    June 30, 2023

    Cash Non-cash assets Liabilities Arenas


    1/3
    ₱50,000.00 ₱2,350,000.00 ₱400,000.00 ₱900,000.00
    ₱2,650,000.00 -₱2,350,000.00 ₱100,000.00
    ₱2,700,000.00 ₱400,000.00 ₱1,000,000.00
    -₱400,000.00 -₱400,000.00
    ₱2,300,000.00 ₱1,000,000.00
    -₱2,300,000.00 -₱1,000,000.00

    ₱2,650,000.00 Liabilities
    ₱2,350,000.00 Cash
    ₱300,000.00
    cord the selling of non-cash assets and gains
    4

    ₱300,000.00 Arenas, capital


    ₱100,000.00 Dulay capital
    ₱100,000.00 Laurente capital
    ₱100,000.00 Cash
    cord distribution of gains on realization
    Dulay Laurente
    1/3 1/3
    ₱500,000.00 ₱600,000.00
    ₱100,000.00 ₱100,000.00
    ₱600,000.00 ₱700,000.00

    ₱600,000.00 ₱700,000.00
    -₱600,000.00 -₱700,000.00

    ₱400,000.00
    ₱400,000.00
    Record payment of exisiting liabilities

    ₱1,000,000.00
    ₱600,000.00
    ₱700,000.00
    ₱2,300,000.00
    Record payments to partner
    Cash
    Profit or loss ratio
    Balance before liquidation ₱150,000.00
    Sale of non-cash assets ₱2,150,000.00
    Balances ₱2,300,000.00
    Payment to liabilities to outsider -₱750,000.00
    Balances ₱1,550,000.00
    Payment to partner -₱1,550,000.00

    Cash ₱2,150,000.00
    Loss on realization ₱450,000.00
    Non-cash assets
    Record the selling of non-cash assets an
    2

    Miranda capital ₱150,000.00


    Leon capital ₱150,000.00
    Estoque capital ₱150,000.00
    Loss on realization
    Record distribution of loss on realizatio
    Miranda, Leon and Estoque
    Statement of Liquidation
    March 31, 2023

    Cash Non-cash assets Liabilities Miranda


    1/3
    ₱150,000.00 ₱2,600,000.00 ₱750,000.00 ₱400,000.00
    ₱2,150,000.00 -₱2,600,000.00 -₱150,000.00
    ₱2,300,000.00 ₱750,000.00 ₱250,000.00
    -₱750,000.00 -₱750,000.00
    ₱1,550,000.00 ₱250,000.00
    -₱1,550,000.00 -₱250,000.00

    ₱2,150,000.00 Liabilities
    ₱450,000.00 Cash
    ₱2,600,000.00
    cord the selling of non-cash assets and loss
    4

    ₱150,000.00 Miranda capital


    ₱150,000.00 Leon capital
    ₱150,000.00 Estoque capital
    ₱450,000.00 Cash
    cord distribution of loss on realization
    Leon Estoque
    1/3 1/3
    ₱600,000.00 ₱1,000,000.00
    -₱150,000.00 -₱150,000.00
    ₱450,000.00 ₱850,000.00

    ₱450,000.00 ₱850,000.00
    -₱450,000.00 -₱850,000.00

    ₱750,000.00
    ₱750,000.00
    Record payment of exisiting liabilities

    ₱250,000.00
    ₱450,000.00
    ₱850,000.00
    ₱1,550,000.00
    Record payments to partner

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