Reference no: EM132879802
Question - PARTNERSHIP LIQUIDATION: Read and analyze the following problem and answer the questions asked. Show your computations.
Cash P0
Non-Cash assets 85,000
Total Assets P 85,000
Liabilities 25,000
Loan payable to Partner F 11,000
Loan payable to Partner G 16,000
F, Capital (60% in P/L) 21,000
G, Capital (40% in P/L) 12,000
Total Liabilities and Equity P 85,000
Case # 1: Lump-sum liquidation
All the non-cash assets are sold for P53,000.
Case # 2: Installment Liquidation
The non-cash assets are sold in installments. Settlement of partners' claims shall be made in installments as cash becomes available. In the first sale, three-fourths (3/4) of the non-cash assets are sold for P46,000.
Case # 3: Installment Liquidation
The non-cash assets are sold in installments. Settlement of partners' claims shall be made in installments as cash becomes available. In the first sale, 90% of the non-cash assets are sold for P60,000.
1. Under Case # 1: how much is the amount distributable to F?
2. Under Case # 1: how much is the amount distributable to G?
3. Under Case # 2: how much is the amount distributable to F after the 1st sale?
4. Under Case # 2: how much is the amount distributable to G after the 1st sale?
5. Under Case # 3: how much is the amount distributable to F after the 1st sale?
6. Under Case # 3: how much is the amount distributable to G after the 1st sale?
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