lOMoARcPSD|10720203
Assignment 1 - Liquidation
Accountancy (Pamantasan ng Lungsod ng Maynila)
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lOMoARcPSD|10720203
Paraiso and Ligeralde
Statement of Liqudation
June-August 2019
Profit & Loss Ratio
Balances before Liquidation
June Realization and
Distribution of losses
Balances
Payments of Liabilities
Balances
Payment to Partners
Balances
July Realization and
Distribution of gains
Payment of Liquidation
Expense
Balances
Payment to Partners
Balances
August Realization and
Distribution of losses
Balances
Payment to Partners
Balances
60%
40%
Cash Other Assets Liabilities Paraiso,Capital Ligeralde, Capital
50,000
550,000 200,000
225,000
175,000
180,000
230,000
200,000
30,000
20,000
10,000
-220,000
330,000
330,000
-
201,000
120,000
100,000
-
6,000
8,000
-
3,000
204,000
66,000
138,000
2,000
145,000
53,000
92,000
-5,000
125,000
125,000
225,000
225,000
225,000
-
330,000
200,000
200,000
0
230,000
230,000
230,000
-
-
24,000
201,000
16,000
159,000
201,000
159,000
20,000
139,000
3,000
135,000
135,000
-
1) How much cash should Ligeralde receive in June?
Ans. P 20,000
2) How much cash should Paraiso receive in July?
Ans. P 66,000
3.)How much cash should Ligeralde and Paraiso received in August?
Ans. Ligeralde: P 90,000; Paraiso: P 135,000
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2,000
90,000
90,000
-
lOMoARcPSD|10720203
40,000 Loss on Realization
Possible Loss
Remaining Non-Cash Assets
Paraiso, Capital
Ligeralde, Capital
Total
330,000
198,000
132,000
330,000
Possible Loss
Remaining Other Assets
Paraiso, Capital
Ligeralde, Capital
230,000
138,000
92,000
Total
230,000
20,000 Gain on Realization
5,000 Loss on Realization
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