STATEMENT OF PARTNERSHIP LIQUIDATION

CDE Partnership
Statement of Partnership Liquidation
December 31, 2018
Cash Other Assets Liabilities
Balances before liquidation 40,000 680,000 224,000
Sale of non-cash assets at a loss 250,000 (680,000)
Balances after realization 290,000 - 224,000
Payment of liabilities (224,000) (224,000)
Balances after payment of liabilities 66,000 - -
Exercise of right of offset
Balances after right of offset 66,000 - -
Absorption of Diaz's deficiency
Balances after deficiency absorption 66,000 - -
Absorption of Cruz's deficiency
Balances after deficiency absorption 66,000 - -
Payment to partners (66,000) - -

JOURNAL ENTRIES
Particulars Dr Cr
Cash 250,000
Cruz, Capital 172,000
Diaz, Capital 172,000
Ellema, Capital 86,000
Other Assets 680,000
Sale of non-cash assets at a loss

Liabilities 224,000
Cash 224,000
Payment of liabilities

Loan due to Diaz 10,000

Diaz, Capital 10,000
Right of offset to Diaz's capital

Cruz, Capital 28,000

Ellema, Capital 14,000
Diaz, Capital 42,000
Absorption of Diaz's deficiency

Ellema, Capital 10,000

Cruz, Capital 10,000
Absorption of Cruz's deficiency
Loan due to Ellema 16,000
Ellema, Capital 50,000
Cash 66,000
Payment to partners
 CDE Partnership
nt of Partnership Liquidation
December 31, 2018
Loan due to Loan due to CAPITAL BALANCES
Diaz Ellema Cruz (2/5) Diaz (2/5) Ellema (1/5)
10,000 16,000 190,000 120,000 160,000
(172,000) (172,000) (86,000)
10,000 16,000 18,000 (52,000) 74,000

10,000 16,000 18,000 (52,000) 74,000

(10,000) 10,000
- 16,000 18,000 (42,000) 74,000
(28,000) 42,000 (14,000)
- 16,000 (10,000) - 60,000
10,000 (10,000)
- 16,000 - - 50,000
- (16,000) - - (50,000)
STATEMENT OF PARTNERSHIP LIQUIDATION WITH SUPPORTING SCHEDULES

JKLM
Statement of P
Jul
Cash Non-cash Assets
Balances before liquidation 105,000 2,205,000
August:
Realization of assets 273,000 (315,000)
Payment of liquidation expenses (10,500)
Payment of liabilities (126,000)
Balances before payment to partners 241,500 1,890,000
August distribution to partners (N1) (157,500)
Balances 84,000 1,890,000
September:
Realization of assets 800,000 (1,200,000)
Payment of liquidation expenses (16,000)
Balances before payment to partners 868,000 690,000
September distribution to partners (N2) (764,000)
Balances 104,000 690,000
October:
Realization of assets 570,000 (690,000)
Payment of liquidation expenses (20,000)
Payment of liabilities (84,000)
Balances 570,000 -
Exercise of right of offset
Balances after right of offset 570,000 -
Payment to partners (570,000) -

NOTE 1. August Schedule of Safe Payment

J, Capital K, Capital
Balances before distribution 270,375 201,075
Add Loan Balance 210,000 252,000
Possible loss of 1,890,000 (472,500) (472,500)
Balances 7,875 (19,425)
Additional Possible loss to J & L (13,650) 19,425
Balances (5,775) -
Additional Possible loss to L 5,775
Balances - Payment to L - -

NOTE 2. September Schedule of Safe Payment

J, Capital K, Capital
Balances before distribution 166,375 97,075
 Add Loan Balance 210,000 252,000
Possible loss of 710,000 (177,500) (177,500)
Balances - Payment to partners 198,875 171,575

CASH PRIORITY PROGRAM AND SCHEDULE OF PAYMENTS

J, Capital K, Capital
Balances before liquidation 283,500 214,200
Add Loan Balances 210,000 252,000
Total Partners' Interest 493,500 466,200
Profit and Loss Ratio 25% 25%
Loan Absorption Balances 1,974,000 1,864,800
Priority 1 to L
Balances 1,974,000 1,864,800
Priority 2 to J & L (63,000)
Balances 1,911,000 1,864,800
Priority 3 to J, L, & M (46,200)
Balances 1,864,800 1,864,800
Priority 4 to all partners at P & L ratio

CASH DISTRIBUTION TO PARTNERS

Cash J, Capital
AUGUST:
Cash Available 157,500
Priority 1 to L (157,500)
Total - -
SEPTEMBER:
Cash Available 764,000
Priority 1 to L (11,550)
Priority 2 to J & L (31,500) 15,750
Priority 3 to J, L, & M (34,650) 11,550
Priority 4 to all partners (686,300) 171,575
Total - 198,875
G SCHEDULES

JKLM Partnership
Statement of Partnership Liquidation
July 31, 2018
Accounts CAPITAL BALAN
J, Loan K, Loan M, Loan
Payable J (1/4)
210,000 210,000 252,000 168,000 283,500

(10,500)
(2,625)
(126,000)
84,000 210,000 252,000 168,000 270,375

84,000 210,000 252,000 168,000 270,375

(100,000)
(4,000)
84,000 210,000 252,000 168,000 166,375
(198,875)
84,000 210,000 252,000 168,000 (32,500)

(30,000)
(5,000)
(84,000)
- 210,000 252,000 168,000 (67,500)
(67,500) (109,500) (25,500) 67,500
- 142,500 142,500 142,500 -
- (142,500) (142,500) (142,500) -

L, Capital M, Capital
649,425 296,625
168,000
(472,500) (472,500)
176,925 (7,875)
(13,650) 7,875
163,275 -
(5,775)
157,500 -

L, Capital M, Capital
387,925 192,625
 168,000
(177,500) (177,500)
210,425 183,125

PAYMENTS
L, Capital M, Capital J, Capital K, Capital L, Capital
662,550 309,750
168,000
662,550 477,750
25% 25%
2,650,200 1,911,000
(676,200) 169,050
1,974,000 1,911,000
(63,000) 15,750 15,750
1,911,000 1,911,000
(46,200) (46,200) 11,550 11,550
1,864,800 1,864,800 27,300 - 27,300

K, Capital L, Capital M, Capital

157,500
- 157,500 -

11,550
15,750
11,550 11,550
171,575 171,575 171,575
171,575 210,425 183,125
CAPITAL BALANCES
K (1/4) L (1/4) M (1/4)
214,200 662,550 309,750

(10,500) (10,500) (10,500)

(2,625) (2,625) (2,625)

201,075 649,425 296,625

(157,500)
201,075 491,925 296,625

(100,000) (100,000) (100,000)

(4,000) (4,000) (4,000)
97,075 387,925 192,625
(171,575) (210,425) (183,125)
(74,500) 177,500 9,500

(30,000) (30,000) (30,000)

(5,000) (5,000) (5,000)

(109,500) 142,500 (25,500)

109,500 25,500
- 142,500 -
- (142,500) -
YMENTS
M, Capital Total

169,050

31,500

11,550 34,650
11,550 66,150