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    Assignment 2

    Uploaded by

    Bianca Lizardo
    The document provides financial information about the liquidation of a partnership. It includes capital balances, losses on the sale of non-current assets, potential losses, absorption of negative capital, cash received, net cash proceeds, carrying amounts of non-cash assets, total loss on sale, allocation of losses among partners, and amounts received by partners.

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    Assignment 2

    Uploaded by

    Bianca Lizardo
    13 views10 pages
    The document provides financial information about the liquidation of a partnership. It includes capital balances, losses on the sale of non-current assets, potential losses, absorption of negative capital, cash received, net cash proceeds, carrying amounts of non-cash assets, total loss on sale, allocation of losses among partners, and amounts received by partners.

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    The document provides financial information about the liquidation of a partnership. It includes capital balances, losses on the sale of non-current assets, potential losses, absorption of negative capital, cash received, net cash proceeds, carrying amounts of non-cash assets, total loss on sale, allocation of losses among partners, and amounts received by partners.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    13 views10 pages

    Assignment 2

    Uploaded by

    Bianca Lizardo
    The document provides financial information about the liquidation of a partnership. It includes capital balances, losses on the sale of non-current assets, potential losses, absorption of negative capital, cash received, net cash proceeds, carrying amounts of non-cash assets, total loss on sale, allocation of losses among partners, and amounts received by partners.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 10

    Lizardo, Bianca Regina S. Mr.

    Romeo Ginez
    BS Accountancy Assignment 2

    Jenson

    Capital Balances ₱ 48,000.00


    Loss on sale of NCA:
    (30,000 x 50%) -₱ 15,000.00
    (30,000 x 30%)
    (30,000 x 20%)
    Total ₱ 33,000.00

    Potential loss on remaining NCA:


    (210,000 -120,000 x 50%) -₱ 45,000.00
    (210,000 - 120,000 x 30%)
    (210,000 - 120,000 x 20%)
    Total -₱ 12,000.00

    Absorb negative capital: ₱ 12,000.00


    (12,000 x 30%)
    (12,000 x 20%)

    TOTAL CASH RECEIVED ₱ -


    a. Collection on accounts receivable
    b. Sale of Inventory
    c. Liquidationexpense
    d. Gain on settlement of accounts payable
    e. Cash retained

    Net cash proceeds

    Less: carrying amount of non-cashassets


    Accounts receivable ₱ 66,000.00
    Inventory ₱ 52,000.00
    Equipment ₱ 189,000.00

    Total loss on sale

    Capital balances
    Loans (receivable from A payable to B)

    Total

    Allocation of loss
    (227,000 x 50%)
    (227,000 x 30%)
    (227,000 x 20%)
    Total

    Absorption of loss by other partners


    (25,500 x 3/5)
    (25,500 x 2/5)
    Amounts received by the partners
    A.
    Available for unsecured creditors:
    Free assets
    Liabilities with priority
    Net free assets

    B.
    Unsecured portion of aprtially secured creditors
    Unsecured creditors
    Total unsecured liabilities without priority

    Net free assets


    divided by: Total unsecured liabilities without priority
    Recovery per peso
    C.
    Assets pledged with partially secured creditors
    Free assers
    Liabilities with priority
    Partially secured creditors
    Unsecured creditors
    Deficiency
    Smith Hart

    ₱ 72,000.00 ₱ 70,000.00

    -₱ 9,000.00
    -₱ 6,000.00
    ₱ 63,000.00 ₱ 64,000.00

    -₱ 27,000.00
    -₱ 18,000.00
    ₱ 36,000.00 ₱ 46,000.00

    -₱ 7,200.00
    -₱ 4,800.00

    ₱ 28,800.00 ₱ 41,200.00
    ₱ 51,000.00
    ₱ 38,000.00
    ₱ 2,000.00
    ₱ 3,000.00
    ₱ 10,000.00

    ₱ 80,000.00

    ₱ 307,000.00

    227000

    A B C
    118,000 90,000 74,000
    30,000 20,000

    88000 110,000 74,000

    113,500
    68,100
    45,400
    -25500 41900 28600

    25,000
    15,300
    10,200
    ₱ - 26600 18400
    160,000
    -16,000
    144,000

    25,000
    155,000
    180,000

    144,000
    180,000
    0.8
    50,000
    160,000
    -16,000
    -75,000
    -155,000
    -36,000

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