\f42. [in January 1 , 20x1 . the partners of ABC Go. decided to liquidate their partnership. The following information was made available: G ash B Accounts receivable 24. Inventory al E u' ment 1.2. H Accounts payable 12o one A. Capital {2%} 40D. B. Capital {30% BDD. '8. Capital (mi sconce Total ad The partnership will be liquidated over a prolonged period of time. Distributions to owners shall be made as cash becomes available. Information on the conversion of non-cash assets is as follows: sass of the accounts receivable was collected for only P120.DDD. Half of the inventory was sold for F1 Eil. Equipment with carrying amount of F was sold for P430.opu. assoc liquidation expenses were paid. Estimated future liquidation expenses totaled F4.DDD. Psaooc cash was retained in the business for potential unreoorded liabilities and anticipated expenses. How much did B receive from the partial settlement of his interest in the partnership? . access was paid to outside creditors. after offset of a F3. credit memorandum recein on .Januanlr 11 . EDI-f2. - a1c.cco cash was retained in the business at the end of the month for potential unrecorded liabilities and antic'pated expenses. All partners are insolvent. How much did B receive on the January 31, EDIE cash distribution to the partners? a. assoc h. 24.ch c. 13.4 d. i] 45. The statement of financial position of the partnership of A. B and C shows the following information: Cash 22.4131} Other assets 212cm Total assets 234.41%! Liabilities assoc a. capital {sods} iced-p B. capital (25%} 64.df}i} 0. capital {25%} 56.0%- Total liabilities and equity 234, slid The partners realized P533111] from the first installment sale of non-cash assets with total carrying amount of F12D.. How much did El receive from the partial liquidation? a. 25. h. 24, c. 1E. d. i] \fThe net proceeds from the sale of non-cash assets amounted to r1so,ooo. The personal assets and personal liabilities of the partners are as follows: A E C Personal assets 1,2DD.DDD 1,D4IJ,DDD B Personal liabilities (HEELDDDJ {Bl (LEBDMDDJ 43. How much additional contrbutions shall be made by the partners in order to settle all of the partnership liabilities? a. 23B.DDD b. 3E.DDD s. d d. El 49. How much did A receive from the settlement of his interest in the partnership? a. asses b. 64,4DD s. assoc d. l] Bill. [in January 1. 2&1, the partners of ABC Go. decided to liquidate their partnership. The partners" capital balanoes as of this date are shown below: A. Capital {4%) B B. Capital (sets) scams 0. Capital (zest 4m.l'.ll) D. Capital (1%) MIKE) Total seasons The partners agree to the following: *- Eduipment with a carrying amount of P4. is to be taken over by B at a price of P4B,. 4- Partnersh'p's liabilities are to be paid off and the balance of cash on hand. #233300 is to be divided in a manner that will avoid the need for any possble recovery of cash from a partner. \fp.33} c. assoc d. 5.401} 54. The partners in ABC Go. decided to liquidate their business when their capital balances were: A, Capital {4%} 96$. B. Capital {4%} 1.5sc.ccc G. Capital (scars) 1.152.ccc The non-cash assets were sold on installment and partial distributions to the partners were made as cash was made available. After the second sale of non-cash assets. all of the three partners received the same amounts from the partial distribution. 0n the third sale of non-cash assets. the available sash for distribution to the partners is P4.. Using cash priority program. how much is the amount received by partner B on the third distribution? a. 16,000 b. 12,000 c. BJJIEIIEI d. i]
