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Prepare a cash distribution report

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Reference no: EM133126529

Question - The following are the account balances as of June 30, 2022 of JPP Partnership just before liquidation:

Cash - 100000

Inventory - 600000

Furniture - 200000

Equipment - 400000

Accounts Payable - 200000

Loans from Pedro - 200000

Juan, capital - 20% - 300000

Pedro, capital -35% - 320000

Pablo, capital - 45% - 280000

The following events occurred thereafter:

Jul 1 - Equipment was sold for P380,000

Jul 15 - Furniture was sold for P 210,000

Jul 30 - Inventory with book value of P500,000 was sold for P200,000

Aug 15 - Remaining inventory was sold for P 80,000

Required -

a. Prepare a liquidation report.

b. Prepare a cash distribution report/computation for safe payment for each time the partnership will be paying off the partners.

c. Prepare a cash priority program and show how it can be used to settle the partner's equity balances.

d. Indicate on the space provided the total cash each partner would receive.

Reference no: EM133126529

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