a mE SCORE: eee PROFESSOR: problem #15 pastaliment Liquidation: Cash Priority Program id equities of th he assets any the Perdales, Ceballus Ms fiscal year ended Oct.31, 2018 areas ella en partnership at the end assets Equities cash P 15,000 Liabil ; z lites P 50,000 eal net ped Loan from Bandonell 110,000 inv 10,000 Perdales, Capital (30%) 45,000 Property ana raupment 70,000 Ceballus, Capital (50%) 30,000 Loan to Ceballus 5,000 Bandonell, Capital (20%) 15,000 150,000, The partners decided to liquidate the partnership. They estimated that the non-cash assets, other than the loan to Ceballus, can be converted into P100,000 cash over the two-month period ending Dec. 31, 2018. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process. Required: 1. The partner most vulnerable to partnership losses on liquidation is: Perdales Bandonell Ceballus Ceballus and Perdales equally aooe 2. IF P65,000 is available for the first distribution, it should be paid to credtors Perdales ceballus Bandonell 3. 60,000 P 5,000 one ro b. 50,000 12,000 aa © 60,000 1,500 2,500 ee 4. 50,000 5,000 0 3. Ifa total amount of P7,500 is available for distribution to partners after all outside . If a total amoun f liabilities are paid, it should be paid as follows: Bandonell Perdales Ceballus i" 0 P a P7,500 ° ~e 3,750 e 3,750 1,500 Fee 500 2,500 4. 2,500 2 Liquidation | 227Problem #16 Installment Liquidation: S« chedule of Safe Payments ship on June 1, 29 ' jgeralde Partner: + 2013 The statement of financial position for Paraiso and Lige before liquidation is as follows: Liabilities & Capital Assets, P 200,000 Cash P 50,000 Liabilities eoeo Other Assets 550,000 Paraiso, capital sts Ligeralde, capital 475,000 Total Assets P 600,000 Total Liabilities & Capital P 600, Partners Paraiso and Ligeralde share profits and losses 60:40, respectively. In June, assets with a book value of P220,000 were sold for P180,000, creditors were paid in ful and P20,000 was paid to partners. In July, assets with book value of P100,000 were solg for P120,000, liquidation expenses of P5,000 were paid and cash of P125,000 was paic to partners. In August, the remaining assets were sold for P225,000. Required: 1. How much cash should Ligeralde receive in June? 2. How much cash should Paraiso receive in July? 3. How much cash should Ligeralde and Paraiso receive in August?PROFESSOR: problem #17 > jpstallment Liquidation: Schedule of Safe Payments partners Limin, Parducho and Calin ‘he partners decided to liquidate t prior to liquidation is: 1gasan share profits and losses in the ratio of 5:3:2. he partnership, Their statement of financial position Asset: $ Liabilities & Capital Cash P 400,000 Liabilities P 600,000 Other Assets 2,100,000 Limin, Loan 80,000 Limin, Capital 400,000 Parducho, Capital 720,000 —_— Calingasan, Capital 700,000 Total Assets 2,500,000 Total Liabilities & Capital 10 The partnership is to be liquidated by installment. The first sale of non-cash assets costing P1,200,000 realized P900,000. Liquidation expenses paid amounted to P20,000. Required: How much cash should be distributed to each partner? Liquidation | 229PROFESSOR: Problem #18 _ = Installment Liquidation: Cash Priority Progr: i and Ong are shown The capital and loan balances for partners Bernardino, Lee eloy, paertaae tively. They share profits or losses in the ratio of 4:4:2, respe! 000 Loans Payable-Bernardino P Aeao Loans Payable-Lee 150,000 Loans Payable-Ong oor Bernardino, Capital ee Lee, Capital a one eke P1,050,000 Required: 1. Prepare a cash priority program. 2. Assume that P250,000 cash is available for initial distribution, prepare the entries to record the distribution to the partners. 230 | Partnership and Corporation Accounti, tingi uestion nos. 10 to 12: From the records of the DTA Partnership, answer DTAPartnership Statement of Financial Pos! Dec, 31, 2018 ition Assets P 2,000 Cash 28,000 Other ane assets I Total ee Liabilities and Capital > 5,000 Liabilities , 5 De Mesa, Loan eee De Mesa, Capital aa Tudtud, Capital f Apostol, Capital 3,000 Total P30,000 | Profit and loss ratio is 3:2:1 for De Mesa, Tudtud and Apostol, respectively. Cashis | distributed as assets are realized, Other assets were realized as follows: | Date Cash Received Book Value January 2018 P. 6,000 P 9,000 February 2018 3,500 7,700 March 2018 12,500 11,300 The total loss to De Mesa is: | | t | t | | | ; | 3,000 | a. b. P2,000 c. P1,000 d. P-0- Total cash received by Tudtud is: a. P2,000 b, 1,500 c. 5,000 d. P-O- Cash received by Apostol in January is: a, P200 b, P1,000 c. P-0- d. P500