Prepare schedule of safe payments and cash priority program

Assignment Help Financial Accounting

Reference no: EM132777898

Question - ABC Partnership has the following data on May 31, the da ybefore their liquidation

Assets

Cash P12,000

Inventory 100,000

Other assets 80,000

Total Assets P192,000

Liabilities and Equity

Accounts Payable P35,000

Loans to A 15,000

A, Capital (50%) 45,000

B, Capital (30%) 70,000

C, Capital (20%) 27,000

Total liabilities and equity P192,000

Realization of Inventory

Cash received Book value

June 40,000 70,000

July 20,000 30,000

Realization of Other Assets

June 10,000 30,000

July 40,000 50,000

Additional information:

Cash amounting to 10,000 was withheld during June.

Actual liquidation expense on July is 5,000.

Requirements -

a. Prepare schedule of safe payments and cash priority program showing the cash distribution for the month of June and July.

b. Prepare Statement of Liquidation showing the entire liquidation for two months.

Reference no: EM132777898

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