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Chapter 14 Partnership Liquidation Ace, Bay, Cal Statement of Financial Position December 31, 2016 Assets Cash 300,000 Non-Cash Assets 3,200,000 Total Assets 3,500,000 Liabilities and
| Chapter 14 Partnership Liquidation | |||
| Ace, Bay, Cal | |||
| Statement of Financial Position | |||
| December 31, 2016 | |||
| Assets | |||
| Cash | 300,000 | ||
| Non-Cash Assets | 3,200,000 | ||
| Total Assets | 3,500,000 | ||
| Liabilities and Capital | |||
| Liabilities | 1,300,000 | ||
| Ace, Loan | 50,000 | ||
| Bay, Loan | 100,000 | ||
| Ace, Capital | 300,000 | ||
| Bay, Capital | 900,000 | ||
| Cal, Capital | 850,000 | ||
| Total Liabilities and Capital | 3,500,000 | ||
| Assuming non-cash assets are sold at P2,400,000. Profit and loss ratio is 4:4:2. Partner A is solvent. Prepare the statement of liquidation in excel form. | |||
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
