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19-1 Rolando Ibanez, Raul Langbid and Paulino Pedrono with capital balances of P80,000, P70,000 and P50,000 decided to liquidate their partnership business. Balances of accounts
19-1 Rolando Ibanez, Raul Langbid and Paulino Pedrono with capital balances of P80,000, P70,000 and P50,000 decided to liquidate their partnership business. Balances of accounts consisted of Assets, P250,000 of which P20,000 is cash and liabilities is P50,000. They agreed that capital ratio will be used in the liquidation process. Q -1 if non-cash assets are realized for P280,000, the capital balance of each partner after effecting the realization gain - Ibanez Langbid Pedronio P100,000 P87,500 P62,500 38,000 77,000 55,000 79,000 75,000 50,000 78,000 73,000 49,000 Q -2 If non-cash assets are realized for P200,000, the share of each partner on the realization loss - Pedronio Ibanez Langbid ( P10,500) (P 7,500) ( P12,000) 5,500) ( 10,000) 8,500) 6,500) 3,500) 8,000) 4,500) 1,500) 6,000) 19-11 Cecil Laguna and Rey Cadelena have decided to liquidate their partnership. Shown below is the Statement of Financial Position prior to liquidation process: 505 L & C Trading Statement of Financial Position As of 31 March 20A Assets Liabilities and Partners' Equity Cash P 60,000 Accounts Payable Accounts Receivable 40,000 C. Laguna, Loan P 80/0 Inventories 80,000 C. Laguna, Capital Other non-cash 150,000 R. Cadelena, Capital 105,00 Total Liabilities & 120 12 Total Assets P330,000 Partners' Equity P339,07% If 90% of the Accounts Receivable was collected and the remaining balance was write-. off against accounts of the partners. Q -3 What would be the new partner's equity balance? a) P215,000 c) P230,000 b) P221,000 d) P257,000 If payment to outside creditors should be given priority over partner's loan, Q - 4 How much is the cash balance of the company after paying its obligation? a) P16,000 c) P25,000 b) P20,000 d) P30,000
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