KELOMPOK 2

PARTNERSHIP LIQUIDATION

SULISTIOWATI
ARNILASARI
LELI TRISNA
PUTRI ALMANDANTY K
RIA NOVITASARI
SOAL 2 : P 17-8
Installment liquidation - safe payment
schedule

Jax,Kya and bud, who share partnership

profits 50 percent, 30 percent, and 20 percent
respectively, decide to liquidate their
partnership. They need the cash from the
partnership as soon as possible but do not want
to sell the assets at fire-sale prices, so they
agree to an installment liquiadation. A summary
balance sheet on January 1, 2011, is as follows :
 CASH $ 16.500 ACCOUNT $ 21.000
PAYABLE
OTHER ASSETS 28.000 JAX CAPITAL 69.000
INVENTORY 20.500 KYA CAPITAL 47.000
EQUIPMENT-NET 101.000 BUD CAPITAL 43.000
LOAN TO JAX 14000
$ 180.000 $ 180.000
Cash is distributed to the partners at the end of each
month, with $ 5.000 retained for possible contigencies is
the liquaidation process.
During january 2012, jay agreed to offset his capital
balance with his loan from the partnership. $ 25.000 was
collected on the accounts receivable, and the balance is
determined to be uncollectible. Liquidation expenses of $
2.000 were paid
 During February 2011, $ 18.000 was collected from
sale of inventories and $ 90.000 collected from the sale
of equipment. Additional liabilities of $ 3.000 were
discovered, and $ 2.000 of liquidation expenses were
paid. All cash was then distributed in a final liquidation.

Required :
Prepare a statement of partnership liquidation with
supporting safe payment schedules for each cash
distribution
 Jax, Kya, and Bud Partnership
Statement of Partnership Liquidation
for the period January 1, 2011 through February 28, 2011
CASH NON PRIORITY 50% JAX 30% KYA 20% BUD
CASH LIABILITI CAPITAL CAPITAL CAPITAL
ASSETS ES

Balances $16.500 $ 163.500 $ 21.000 $ 69.000 $ 47.000 $ 43.000

January 1
Offset loan to (14.000) (14.000)
Jax

Collection of 25.000 (28.000) (1.500) (900) (600)

Receivables

Liquidation (2.000) (1.000) (600) (400)

expenses

Predistribution 39.500 121.500 21.000 52.500 45.500 42.000

Balances
january
 CASH NON CASH PRIORITY 50% JAX 30% KYA 20% BUD
ASSETS LIABILITI CAPITAL CAPITAL CAPITAL
ES
Cash (21.000) (21.000)
distribution:
Creditors
Schedule –A (13.500) (1.100) (12.400)
Safe payments
to partners
January 31
Balances January 5.000 121.500 0 52.500 44.400 29.600
31
Liability 3.000 (1.500) (900) (600)
discovered
Liquidation (2.000) (1.000) (600) ( 400 )
expenses
Sale of remaining 18.000 (20.500) (1.250) (750) (500)
Inventory
Sale of remaining 90.000 (101.000) (5.500) (3.300) (2.200)
Equipment
Predistribution 111.000 0 3000 43.250 38.850 25.900
balances
 CASH NONCASH PRIORITY 50% JAX 30% KYA 20% BUD
ASSETS LIABILIT CAPITAL CAPITAL CAPITAL
IES
Cash (3.000) (3.000)
distribution:
Creditors
Predistribut (108.000) (43.250) (38.850) (25.900)
ion balance
jax,kya and
bud capital
Balances 0 0 0 0
February 28
 CASH NON CASH PRIORITY 50% JAX CAPITAL 30% KYA CAPITAL 20% BUD CAPITAL
ASSETS LIABILITIES

Balances January 1 $ 16.500 $ 163.500 $ 21.000 $ 69.000 $ 47.000 $ 43.000

Offset loan to Jason (14.000) (14.000)

Collection of 25.000 (28.000) (1.500) (900) (600)

Receivables

Liquidation expenses (2.000) (1.000) (600) (400)

Predistribution 39.500 121.500 21.000 52.500 45.500 42.000

Balances january

Cash distribution: (21.000) (21.000)

Creditors

Schedule A (13.500) (1.100) (12.400)

Safe payments to
partners
January 31

Balances January 31 5.000 121.500 0 52.500 44.400 29.600

Liability discovered 3.000 (1.500) (900) (600)

Liquidation expenses (2.000) (1.000) (600) (400)

Sale of remaining 18.000 (20.500) (1.250) (750) (500)

Inventory

Sale of remaining 90.000 (101.000) (5.500) (3.300) (2.200)

Equipment

Predistribution 111.000 0 3000 43.250 38.850 25.900

Balances

Cash distribution: 3.000 (3.000)

Creditors

Predistribution balance (108.000) (43.250) (38.850) (25.900)

jax,kya and bud capital

Balances February 28 0 0 0 0
Schedule A
POSSIBLE 50% JAX 30% KYA 20% BUD
LOSSES CAPITAL CAPITAL CAPITAL
Partners’ equity $52,500 $45,500 $42,000
January 31
Predistribution $121,500 (60,750) (36,450) (24,300)
Balances non
cash assets
retained for $5,000 (2,500) (1,500) (1,S000)
possible
contigencies is
the liquaidation
process.
(10,750) 7,550 16,700
Allocate Jax 10,750 (6,450) (4,300)
deficit
Safe payments 0 $ 1,100 $12,400
to partners
January 31
TERIMAKASIH
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