Reference no: EM132887728
The December 31, 2019 ledger balances of Bassig, Bayani and Benito, who share profits and losses, 50%, 25% and 25%, respectively, are as follows:
Cash 19,000
Accounts receivable 197,000
Allowance for bad debts 6,000
Accounts payable 77,000
Benito, loan 9,000
Salary payable to Bassig 6,000
Bassig, capital 50,000
Bayani, capital 28,000
Benito, capital 40,000
At this date, the firm decided to liquidate and the succeeding activities are as follows:
January February March
Cash collection from customers 112,000 36,000 35,000
Payments in full settlement of liabilities 38,000 38,000 ---
Paid liquidation expenses 4,400 2,800 4,000
Cash payment to partners 16,000 19,800 remainder
Instructions:
Problem 1. Prepare statement of liquidation
Problem 2. Cash priority program and corresponding of cash distribution to partners
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