Reference no: EM133180794
Questions -
Q1. A balance sheet for the QRS Partnership, which shares profits and losses in the ratio of 5:3:2 shows the following balances just before liquidation: Cash, P30,000; Other assets, P148,750; Liabilities, P50,000; Q, Capital, P55,000; R, Capital, P38,750; and S Capital, P35,000. On the first month of liquidation, certain assets are sold for P80,000. Liquidation expenses of P1,500 are paid, and additional expenses are anticipated. Liabilities are paid amounting to P13,500, and sufficient cash is retained to insure payment to creditors before making payment to partners. On the payments to partners, Q receives P15,625. Calculate the amount of cash withheld for anticipated liquidation expenses.
Q2. The following data were taken from the Statement of Affairs of Infinity Wars Company:
Shareholders' equity, P441,000
Bonds Payable without security, 735,000
Salaries Payable, 50,000
Loss on realization of assets, 551,250
Accounts payable without security, 367,500
Taxes payable, 72,500
Liquidation expenses, 75,125
Determine the estimated net free assets (available to unsecured non-priority)?
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