I.D, E, and F are partners in a textile distribution business, sharing profits and losses equally. On December 31, 2018, the partnership capital and partners' drawing were as follows:

DEFTotal

Capital100,00080,000300,000480,000

Drawing60,00040,00020,000120,000

The partnership was unable to collect on its receivables, and it was forced to liquidate. The operating profits for 2018 amounted to 72,000 and was all exhausted including the partnership assets. Unsettled creditors' claim at December 31, 2019 amounted to 84,000. E and F have a substantial private resource, but D has no available free assets.

Requirements:

The final Cash distribution to each of the partners is how much?

II.The following condensed Statement of Financial Position is presented for the partnership of R, M, and B:

AssetsLiabilities and Capital

Cash120,000Accounts Payable170,000

Non-cash assets295,000R, Capital (40%)90,000

M, Capital (0%)80,000

B, Capital (30%)75,000

Total415,000Total415,000

The partners agreed to liquidate after selling all the non-cash assets and realize net cash after expenses of 145,000. All of the partners are personally insolvent.

Requirements:

1.How much should each of the partner's receive from the partnership after liquidation? And Explain on how you arrived with theanswer using the concepts of Accounting for Partnership Liquidation.

III.The balance of the SAD Partnership just before the liquidation is as follows:

AssetsLiabilities and Capital

Cash100,000Liabilities70,000

Noncash assets175,000S, Capital (50%)95,000

A, Capital (30%)70,000

D, Capital (20%)40,000

Total275,000Total275,000

The noncash assets were sold for 135,000 and liquidation expenses in the amount of 25,000 were paid.

Requirements:

1.How much should each of the partner's receive from the partnership after liquidation? And Explain on how you arrived with theanswer using the concepts of Accounting for Partnership Liquidation.

IV.Partners Alpha, Bema, Canaan, and Divine share profits and losses in the ratio of 3:3:1:1. The following balances were obtained just before the partnership liquidates:

AlphaBemaCanaanDivine

Capital balances70,00070,00030,00020,000

Loan Balances20,0005,00025,00015,000

Proceeds from the sale of the partnership assets during March and April by the one in charge of the liquidation and distribution of cash to partners at the end of each monbth are as follows:

Cash realizedCash distributedCash withheld

March40,00025,00015,000

April35,00040,00010,000

Requirements:

Highlight the order of priority in settling partnership obligations during liquidation by preparing the following:

1.Cash priority program

2.Safe payment schedule