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ABC Partnership has the following data on May 31, the day before 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:
Requirements:
Problem a. Prepare schedule of safe payments and cash priority program showing the cash distribution for the month of June and July
Problem b. Prepare Statement of Liquidation showing the entire liquidation for two months
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