Homework in accounting: Installment Liquidation: Schedule of Safe Payments

NAME: SECTION: SCORE: PROFESSOR: Problem #16 Installment Liquidation: Schedule of Safe Payments The statement of financial position for Paraiso and Ligeralde Partnership on June 1, 2018 before liquidation is as follows: Assets Liabilities & Capital Cash P 50,000 Liabilities Other Assets P 200,000 550,000 Paraiso, capital 225,000 Ligeralde, capital 175,000 Total Assets P 600,000 Total Liabilities & Capital P 600,000 Partners Paraiso and Ligeralde share profits and losses 60:40, respectively. In June, assets with a book value of P220,000 were sold for P.180,000, creditors were paid in full, and P20,000 was paid to partners. in July, assets with book value of P100,000 were sold for P120,000, liquidation expenses of P5,000 were paid and cash of P125,000 was paid to partners. In August, the remaining assets were sold for P225,000. Required: 1. How much cash should Ligeralde receive in June? 2. How much cash should Paraiso receive in July? 3. How much cash should Ligeralde and Paraiso receive in August