Reference no: EM132940236
Question - The assets and equities of the NSW Partnership at the end of its fiscal year, October 31, 2020, are as follows: Profit and loss agreement is 30:50:20.
Cash P150,000
Accounts receivable -net 200,000
Inventory 400,000
Plant Assets - net 700,000
Loan to South 50,000
Liabilities P500,000
West, Loan 100,000
North, Capital 450,000
South, Capital 300,000
West, Capital 150,000
The partners decide to liquidate the partnership. They estimate that the non-cash assets other than the loan to South can be realized into P 1,000,000 over the two-month period ending December 31, 2020. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process.
Required -
a) Assuming that P650,000 is available for the first distribution, show how the available cash would be distributed.
b) Assuming that a total amount of P75,000 is available for distribution to partners after liabilities to outside creditors have been paid, show how the cash will be distributed to the partners.
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