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    Quizzer Acctg2

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    elminvaldez
    The partnership of Miranda, Leon and Estoque is being liquidated. After closing entries, cash of P150,000 and other assets of P2,600,000 remained, along with liabilities of P750,000 and capital balances of P400,000, P600,000, and P1,000,000, respectively. The non-cash assets were sold for P2,150,000, resulting in a loss that must be distributed equally among the partners.

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    Quizzer Acctg2

    Uploaded by

    elminvaldez
    690 views1 page
    The partnership of Miranda, Leon and Estoque is being liquidated. After closing entries, cash of P150,000 and other assets of P2,600,000 remained, along with liabilities of P750,000 and capital balances of P400,000, P600,000, and P1,000,000, respectively. The non-cash assets were sold for P2,150,000, resulting in a loss that must be distributed equally among the partners.

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    partneship

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    quizzer acctg2

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    The partnership of Miranda, Leon and Estoque is being liquidated. After closing entries, cash of P150,000 and other assets of P2,600,000 remained, along with liabilities of P750,000 and capital balances of P400,000, P600,000, and P1,000,000, respectively. The non-cash assets were sold for P2,150,000, resulting in a loss that must be distributed equally among the partners.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    690 views1 page

    Quizzer Acctg2

    Uploaded by

    elminvaldez
    The partnership of Miranda, Leon and Estoque is being liquidated. After closing entries, cash of P150,000 and other assets of P2,600,000 remained, along with liabilities of P750,000 and capital balances of P400,000, P600,000, and P1,000,000, respectively. The non-cash assets were sold for P2,150,000, resulting in a loss that must be distributed equally among the partners.

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    © All Rights Reserved
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    Download as docx, pdf, or txt
    of 1

    Problem # 2

    Lump-Sum Liquidation with Loss on Realization


    After several years of operations, the partnership of Miranda, Leon and
    Estoque is to be liquidated. After making the closing entries on March
    31,2016 the following accounts remained open:
    Account Balance
    Account Title
    Debit
    Credit
    Cash
    Other Assets
    Liabilities
    Miranda, Capital
    Leon, Capital
    Estoque, Capital

    P150,000
    2,600,000
    P750,000
    400,000
    600,000
    1,000,000

    The non-cash assets are sold for P2,150,000. Profits and losses are
    shared equally.
    Required:
    Prepare a statement of partnership liquidation and the entries to record
    the following:
    1.
    2.
    3.
    4.

    Sale of all non-cash assets.


    Distribution of gain on realization to the partners.
    Payment of the liabilities.
    Distribution of cash to the partners.

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