1 Vulnerability Ranking

Partner's Profit Loss Vulnerability

Equity Sharing Absorb potential Ranking
Gill 150,000 0.4 375,000 2
Hal 150,000 0.3 500,000 3
Ian 50,000 0.2 250,000 1
Joe 55,000 0.1 550,000 4

2 Scheduled of Assumed Loss Absorption

Gill Hal Ian Joe Total
40% 30% 20% 10%
Preliquidation Equities 150,000 150,000 50,000 55,000 405,000
assum.loss to absorb
Illa's equities (100,000) (75,000) (50,000) (25,000) (250,000) 1
Balances 50,000 75,000 - 30,000 155,000
assum.loss tob absorb
Gary's equities (50,000) (37,500) (12,500) (100,000) 2 80%
Balances - 37,500 - 17,500 55,000
assum.loss tob absorb
Henry's equities (37,500) (12,500) (50,000) 3 40%
Balances - - - 5,000 5,000 4

Cash Distribution Plan

Priority Gill Hal Ian Joe
Liabilities Capital Capital Capital Capital
First 50,000 100%
Next 5,000 100%
Next 50,000 75% 25%
Next 100,000 50% 38% 13%
Remainder 40% 30% 20% 10%

Cash Distribution Schedule

Cash Priority 40% 30% 20% 10%
Distributed Creditor Gill Hal Ian Joe Total
First Instalment
Priority Creditor 50,000 50,000 50,000
Joe Capital 5,000 5,000 5,000
Joseph Capital 50,000 37,500 12,500 50,000
Henry, Joseph Capital 70,000 35,000 26,250 8,750 70,000
175,000 50,000 - 35,000 63,750 - 26,250 175,000

Cash Available:
Beginning Cash 100,000
Inventories 100,000
Deduct:
Contingencies (25,000)
175,000

Akuntansi Lanjutan 1 kl B ekstensi Floyd p16-4

 Jones, Smith & Tandy
Statement of Partnership Liquidation
for the period January 1 20x1 to February 1 20x1

non cash priority Jones Cap Smith cap Tandy cap

cash assets liabilities 20% 30% 50%
balance January 1 15,000 215,000 80,000 40,000 60,000 50,000
sale of inventory item 20,000 (65,000) (9,000) (13,500) (22,500)
collection of receivables 14,000 (14,000)
predistr. Balances jan 31 49,000 136,000 80,000 31,000 46,500 27,500
creditor (40,000) (40,000)
balances Febr. 1 9,000 136,000 40,000 31,000 46,500 27,500
sale of land 60,000 (40,000) 4,000 6,000 10,000
sale of land+building 40,000 (70,000) (6,000) (9,000) (15,000)
collection of receivables 3,000 (6,000) (600) (900) (1,500)
predistr. Balances feb 28 112,000 20,000 40,000 28,400 42,600 21,000
written off furniture (20,000) (4,000) (6,000) (10,000)
predistribution 112,000 - 40,000 24,400 36,600 11,000
march creditor in march (40,000) (40,000)
march final distribution - (24,400) (36,600) (11,000)
-
liquidation complete - - - - - -
(45,000)
Jones, Smith & Tandy
Schedule of Safe payment
January 31, 20x1
possible Jones cap Smith cap Tandy cap
20,000 losses 20% 30% 50%
(30,000) partner equities jan 31 28,400 42,600 21,000
(3,000) possible loss on non cash asset 20,000 (4,000) (6,000) (10,000)
24,400 36,600 11,000
20000
65000
50000
60000
20000
 cash 4,000
account receivable-net 8,000
inventories 36,000
land 20,000
building-net 100,000
intangible assets 26,000
account payable 50,000
notes payable-unsecured 40,000
revenue receivable in advanced 1,000
wages payable 3,000
mortgage payable 80,000
estate equity 20,000
(to record custody of estate in liquidation)
4a cash 7,200
estate equity 800
account receivable 8,000
(collection of Account receivable)
4b cash 19,400
estate equity 16,600
inventories 36,000
(sold of inventories)
4c cash 90,000 mortgage payable 80,000
estate equity 30,000 cash 80,000
land 20,000
building 100,000
(sold of land & building and paid mortgage payable)
4e estate equity 8,200
trustee payable 8,200
(administrative expense)
4d estate equity 26,000
intangible assets 26,000
(write off intangible assets)
 Cash
balance,March 1 4,000 mortgage payable 80,000 4c
4a account receivable collection 7,200 4e
4b inventories sold 19,400 balance forward 40,600
4c land & building sold 90,000
total 120,600 total 120,600
balance,March 31 40,600

Statement of Cash Receipt and Disbursement

From March 1 to March 31
Cash Balance March 1 4,000
add:
cash Receipt:
collection of receivable 7,200
sale of inventory 19,400
sale of land & building 90,000
total cash receipt: 116,600
120,600
deduct:
cash disbursement:
mortgage payable (fully secured) 80,000
administrative expense (priority) -
total cash disbursement: (80,000)
Cash Balance March 31 40,600

Estate Equity
4c land & building loss 30,000 Balance March 1 20,000
4b inventories loss 16,600
4a acc. Receivable written off 800 balance forward 61,600
4d Intangible ass. Written off 26,000
4e administrative expense 8,200
total 81,600 total 81,600
balance,March 31 61,600

Statement of Changes in Estate Equity

From March 1 to March 31
Estate Equity March 1 20,000
Loss:
Net Loss on asset liquidation (73,400)
administrative expense (8,200)
net decrease for the period (81,600)
estate deficit March 31 (61,600)
scheduled of net loss on asset Liquidation
book value ( - ) proceed on = gain or
Mar-01 realization (loss)
account receivable 8,000 7,200 (800)
inventories 36,000 19,400 (16,600)
land & building 120,000 90,000 (30,000)
intangible assets 26,000 - (26,000)
(73,400)

Balance Sheet
assets liabilities & deficit
cash 40,600 account payable 50,000
trustee payable 8,200
notes payable-unsecured 40,000
revenue receive in adv. 1,000
wages payable 3,000
total liabilities: 102,200
less: estate deficit (61,600)
total 40,600 total 40,600

-
trustee fee payable 8,200
cash 8,200
(payment of revenue receivable)

revenue recognition in advanced 1,000

cash 1,000
(payment of revenue receivable)
wages payable 3,000
cash 3,000
(payment of wages payable)
account payable 15,778 12,622.22
notes payable-unsecured 12,622
cash 28,400
(to record 31.56c payment on the dollar to the general unsecured creditors) cash 28,400
account payable 34,222 liabilities 90,000
notes payable-unsecured 27,378 divided: 0.3156
estate equity 61,600
(closing entries)

Balance Sheet
assets
cash 32400

total 32400
Balance Sheet
liabilities & deficit
account payable 50,000
notes payable-unsecured 40,000
revenue receive in adv. 1,000
wages payable 3,000
total liabilities: 94,000
less: estate deficit (61,600)
total 32,400