" Loans Payable - Bantilles " is actually "Loans Payable - Banana"

SERENITY Lump-Sum Liquidation A. Gold, Titanium, and Silver decided to liquidate their partnership on June 30, 2020. The partners shared profits and losses in the ratio of 2:2:1, respectively, The firm's post- closing trial balance follows: Gold, Titanium, and Silver Post-Closing Trial Balance June 30, 2020 Cash P 419,170 Merchandise Inventory 612,300 Other Assets 472,680 Accounts Payable P 131,350 Gold, Capital 561,600 Titanium, Capital 436,800 Silver, Capital 374,400 The merchandise inventory and the other assets were sold for P582,800 and P550,900, respectively. Required: 1. Prepare the liquidation journal entries. 2. Prepare the statement of liquidation. Lump-Sum Liquidation B. Apple, Banana and Lemon have decided to liquidate their partnership on Dec. 1, 2020. The statement of financial position is shown below: ABL Partnership Statement of Financial Position Dec 01, 2020 Assets Cash P 25,000 Accounts Receivable (net) 75.000 Inventories 100,000 Property and Equipment (net) 300.000 Total Assets 500,000 Liabilities and Capital Accounts Payable P240.000 Loan Payable-Bantilles 30.000 Apple, Capital 120.000 Banana, Capital 50.000 Lemon, Capital 60.000 Total Liabilities and Capital P500,000 Additional information: a) The personal assets (excluding partnership capital and loan interests) and personal liabilities of each partner as of Dec. 1, 2020, are presented below: Apple Banana Lemon Personal assets P250,000 P300,000 P350,000 Personal liabilities (230,000) (240,000) (325,000) Personal net worth | P 20,000 P 60,000 P 25,000 Apple, Banana, and Lemon share profits and losses in the ratio 20:40:40, respectively In the partnership agreement, interest will not accrue on partners' loan balances during the liquidation process. d) All of the non-cash assets were sold on Dec. 10, 2020 for P260,000. Required: 1. Prepare the liquidation journal entries. 2 Prepare the statement of liquidation. Installment Liquidation: Schedule of Safe Payments The statement of financial position for Pop and Loli Partnership on June 1, 2020 before liquidation is as follows: Assets Liabilities & Capital Cash P 50,000 Liabilities P 200,000 Other Assets 550,000 Pop, capital 225,000 Loli, capital 175,000 Total Assets P 600,000 Total Liabilities & Capital P 600,000 Partners Pop and Loli share profits and losses 60:40, respectively. In June, assets with a book value of P220,000 were sold for P180,000 creditors were paid in full, and P20,000 was paid to partners. In July, assets with book value of P 100,000 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: Prepare a schedule of safe payments on every cash distribution made. How much cash should Loli receive in June? How much cash should Pop receive in July? How much cash should Loli and Pop receive in August? Installment Liquidation: Cash Priority Program Pepsi and Coke decided to dissolve and liquidate their partnership on Sept. 23, 2020. On that date, the statement of financial position of the partnership is as follows: Assets Liabilities & Capital Cash P 5,000 Accounts Payable P 15.000 Other Assets 100,000 Loan Payable - Coke 10.000 Pepsi, Capital 60,000 Coke, Capital 20,000 Total Assets P 105,000 Total Liabilities & Capital P 105,000 On Sept. 23, 2020, non-cash assets with a carrying amount of P 70,000 realized P60,000, and P64,000 was paid to creditors and partners, P 1,000 being retained to cover possible liquidation costs. On Oct. 1, 2020, the remaining non-cash assets realized P 18,000 (net of liquidation costs), and all available cash was distributed to partners Pepsi and Coke who share profits and losses 40% and 60%, respectively. Required: a) Prepare the cash priority program. b) Prepare the liquidation journal entries and the statement of liquidation. We sec good people, in the wonderful world