Reference no: EM132966776
Question - 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
Toledo, loan 9,000
Salary payable to Reyes 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:
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January
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February
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March
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Cash collection from customers
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112,000
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36,000
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35,000
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Payments in full settlement of liabilities
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38,000
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38,000
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---
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Paid liquidation expenses
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4,400
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2,800
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4,000
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Cash payment to partners
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16,000
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19,800
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remainder
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Required -
1. Prepare statement of liquidation.
2. Cash priority program and corresponding of cash distribution to partners.
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: The December 31, 2019 ledger balances of Bassig, Bayani and Benito, who share profits and losses, 50%, 25% and 25%, Prepare statement of liquidation
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