I.Partners D, E and F decided to liquidate their partnership. A summary of the partnership's statement of financial position is shown below:

AssetsLiabilitiesEquity

CashNoncash A (20%)B (30%)C (50%)

160,000? 90,000 200,000370,000480,000

All the noncash assets were sold for 870,000. The partnership paid 12,000 liquidation expenses.

Requirements:

1.How much is the carrying amount of the noncash assets?

2.How much is the loss on the sale of noncash assets, including the effect of liquidation expenses?

II.After all noncash assets have been converted into cash in the liquidation of the ALO and OMA partnership; the ledger contains the following account balances:

DebitCredit

Cash34,000

Accounts Payable25,000

Loans payable to ALO9,000

ALO, Capital 8,000

OMA, capital 8,000

Requirements:

How should the available cash be distributed?

III.J, R, and M, who divided profits and losses 50%, 30%, and 20% respectively, have the following October 31,2018 account balances:

J, drawing (Dr.)12,000

M, Drawing (Cr.)4,800

Accounts Receivable - J7,200

Loans Payable - R14,400

J, Capital59,400

R, Capital44,400

M, Capital39,000

The partnership's assets are 211,200 (including cash of 64,200). The partnership is liquidated and M received 33,000 in final settlement.

Requirement:

How much is the total loss on realization?

IV.Partners B, J, and S who shared profit and losses based on 4: 4: 2 decided to liquidate. All assets of the partnership were liquidated.

The condensed statement of financial position just prior to liquidation follows:

Cash100,000Liabilities140,000

Other assets400,000B, Loan10,000

B, Capital45,000

J, Capital105,000

S, Capital200,000

Total500,000Total500,000

Other assets were sold for 247,500 realizing a loss of 152,500. Parties agreed to fully terminate the partnership's business thus, necessitating distribution of cash to partners and in the event of capital deficiency, contribution of additional cash. The three partners are solvent.

Requirement:

The realization of assets, distribution of loss and payment of liabilities resulted to partner's final cash settlement of how much?

V.Man, Mar, and Glady share profits and losses in the ratio of 5:3:3. The following balances were obtained prior to partnership liquidation:

ManMarGlady

Capital Balances60,00045,00020,000

Loan Balances22,50015,0006,500

Assets are sold and cash is distributed to the partners in monthly installments during the course of liquidation as follows:

June7,500

July20,000

August45,000

September (last phase) 15,000

Requirements:

1.Make a Cash Priority Program

2.Make a Safe Payment Schedule.