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1. What is the preferred method of resolving a partner's deficit balance?

A is incorrect because capital deficiencies of partners are normally acquired after the sale of assets and the distribution of los
B is correct because a solvent partner may invest to eliminate his deficiency
C is incorrect because a partner may acquire capital deficiency when his share on realization loss exceeds his capital credit.
D is incorrect because a partner may contributes personal assets only if those personal assets exceed personal liabilities.
E is incorrect because other partners may absorb partner's deficiency only if the partner is insolvent.

2. What accounting transactions are not recorded by an accountant during liquidation?


A is recorded and is part of the liquidation process called realization of assets
B is recorded in the liquidation process at the realization of assets, allocated to the partners
C is not recorded because the distribution of unrealized or remaining assets to the partners could be personal settlement or t
D is recorded in the liquidation process as the first priority after the realization of assets.

3. The accounts of the partnership of A, B and C at the end of its fiscal year on October 31, 2005 are as follows:
Cash P78,750 Loan from C P52,500
Other Non-Cash Assets 682,500 A, Capital (30%) 236,250
Loan to B 26,250 B, Capital (50%) 157,500
Liabilities 262,500 C, Capital (20%) 78,750
If B received a total of P15,000 as a result of the liquidation, what was the total amount realized from the sale of the non-cash a

ANSWER: B, Capital 157,500


loan balance -26,250
capital interest 131,250
Cash received 15,000
share on loss 116,250
p/l ratio 0.5
total loss 232500
book value of assets 682,500
cash realized 450,000

4 . Ira has personal assets of P10,500 that may, if necessary, be used to meet partnership obligations. How much should be dis

Column1 Cash Other Assets Liabilities


Balance before liquidation 7,000 401,100 179,000
Sale of assets and distribution of loss 210,000 -401,100
Balances 217,000 0 179,000
Payment of liabilities -179,200 -179,000
Balances 37,800 0 0
additional investment of Ira 10,500
Balances 48,300 0 0
additional to partners
Balances 48,300 0 0

5. Which statement below is correct?


a. Incorrect because loan receivable from a partners is a part of liabilities or payable
b. Incorrect because if there is no income sharing maybe there is a losses sharing
c. Incorrect because limited liabibility partnership must must not receive cash before liquidation, they must settle first their lia
d. Correct because in limited liability partnership the defifit of one partner should held by the other partners if investment of t
e. Incorrect because not all cash payments are according to their P/L ratio, if in installment the payment should be according t

6. The cash balance after payment of liabilities to outsiders amount to:

Column1 CASH OTHER ASSET LIABILITIES


BALANCES BEFORE LIQUIDATION 131250 1065000 375000
realization of assets 868125 -1065000
balances 999375 0 375000
payment of liabilities -375000 -375000
balances 624375 0 0
payment to partners -624375 0 0

7. Under an installment liquidation of the XYZ Partnership:


a. Correct because the P/L ratio of the partnership is equal to the partners capital contribution.
b. Incorrect because in this case they don’t need to prepare cash distribution program
c. Incorrect because there will be no excessive payments because there is no remaining liabilities in preparing liquidation state
d. Incorrect because this is an installment liquidation so even if the noncash asset is not fully realized the distribution of cash s

8. If available cash except for a P5,000 contingency fund is distributed immediately, Dick should receive:

SCHEDULE Dick Frank Helen


Balance before liquidation 75,000 200,000 155,000
Loan Balances -25,000 20,000
Total Partners interest 50,000 220,000 155,000
Possible Loss (345,000+5,000) -70000 -140000 -140000
Balances -20,000 80,000 15,000
Additional loss to Noble, Orbos and pimentel 20,000 -10,000 -10,000
Payment to partners 0 70,000 5,000

9. If SS received P14,400 from the first distribution of cash, how much did TT receive at that time?

Column1 RR SS TT
capital balances 88,000 99,600 60,000
loan balances 40,000
total interest 128,000 99,600 60,000
P/L ratio 0.5 0.3 0.2
loss absorbtion 256,000 332,000 300,000
Allocation I -32,000
Balance 256,000 300,000 300,000
Allocation II -44,000 -44,000
Balance 256,000 256,000 256,000
Allocation III: P/L ratio

Column1 Column2
SS Cash received 14,400
allocation 1 9,600
SS received to satisfy Allocation 2 4,800
total cash received to satisfy allocation 2 8,000
TT received to satisfy allocation2 3,200

10. In a partnership liquidation, the final cash distribution to the partners should be made in accordance with the
A is incorrect because final cash distribution is only dedicated to the partners' ending capital
B is correct because the ending capital balance cannot be moved anymore
C is incorrect because at this point it is already the final distribution, ratios are not important anymore
D is incorrect because safe payments are useless

11. How much was absorbed by Z to eliminate the capital deficiency of Y?

Column1 X Y Z
375000 550000 1125000
Drawing-Credit 36000 24000 17000
Total Interest 411000 574000 1142000
Operating loss -84000 -84000 -84000
327000 490000 1058000

Column1 Asset Liabilities X


2082000 207000 327000
Loss -2082000 -694000
0 207000 -367000
Offset -102000

12. Which of the following statements is true concerning the distribution of safe payments?
A is incorrect because in computing safe payments, partners with positive capital balances are assumed to absorb deficit balan
B is incorrect because safe payments are made periodically supporting the statement of liquidation
C is incorrect because the distribution of safe payments can be made even though not all liabilities have been paid
D is incorrect because safe payments may not be equal to the recorded capital balances of partners with positive capital balan
E is correct because in safe payments cash is distributed as if no more cash is forthcoming thus any capital deficit balances wil

Column1 Enrico Ramon Enrico


Capital balances before liquidation 102,000 90,000
Add loans 24,000 9,000
Total Partners interest 126,000 99,000
Profit and Loss Ratio 0.6 0.4
Loss absorption balance 210000 247500

Allocation I -37,500
balances 210,000 210,000
Allocatiom II: Further cash distributions are to be made in the profit and loss ratio

14. The selling of non-cash assets for cash in partnership liquidation, any difference between book value and the cash proceed
A is correct because the cash realized from selling of non-cash assets whenever lower than the book value is treated as loss w
B is incorrect because net profit represents the entity's income less the expenses
C is incorrect because it is not a capital gain or loss
D is incorrect because in liquidation it is not recognized as mere sales difference but a gain or loss on realization

15. Using the same data above, what is the amount received by B on February 28, 2051?

Colu+A29+A147:J168 cash other assets Liabilities


Balances 20,000,000 80,000,000 50,000,000
january:
realization of assets 50,000,000 -60,000,000
balances 70,000,000 20,000,000 50,000,000
offset of loan
balances 70,000,000 20,000,000 50,000,000
payment of expenses -3,000,000
balances 67,000,000 20,000,000 50,000,000
payment of liabilities -30,000,000 -30000000
balances 37,000,000 20,000,000 20,000,000
payment to partners -15,000,000
balances 22,000,000 20,000,000 20,000,000
february 28,2051
realization of remaining assets 25000000 -20000000
balances 47000000 20000000
Liquidation expenses -2000000
balances 45000000 20000000
payment of remaining liabilities -20000000 20000000
balances 25000000
final payment to partners -25000000

16.The book value of the partnership equity (i.e. total equity of the partners) on June 30, 2003 is

Billy, Capital 70,000


Loan to Billy 30,000
40,000
Johnny, Capital 50,000
Johnny, Loan 25,000
115,000
Marky, Capital 30,000
total partnership equity 145,000

17. Which of the following will not result in the dissolution of a partnership?
a. Incorrect because the partnership may disolve when partners are incompatible and when profit figures failed to reach proje
b. Incorrect because like what I said in letter a and retirement if a partners is a result of dissolution
c. Incorrect because retirement and death are the result of dissolution
d. Incorrect because all of the written information is the result of dissolution of patnership
e. Correct because all of the information written are the result of dissolution of a partnership

18. If all outside creditors and loans to partners had been paid, how would the balance of the assets be distributed assuming t

Column1 Cash Other Assets Liabilities


Balance before liquidation 240,000 70,000
Sale of assets and distribution of loss 195,000 -240,000
Balances 195,000 0 70,000
Payment of liabilities -70,000 -70,000
Balances 125,000 0 0
Payment to loan payable to AA -20,000
Balances 105,000 0 0
Payment to partners -105,000
Balances 0 0 0

19. If available cash except for a P5,000 contingency fund is distributed immediately, Helen should receive

SCHEDULE Dick Frank Helen


Balance before liquidation 75,000 200,000 155,000
Loan Balances -25,000 20,000
Total Partners interest 50,000 220,000 155,000
Possible Loss (345,000+5,000) -70000 -140000 -140000
Balances -20,000 80,000 15,000
Additional loss to Noble, Orbos and pimentel 20,000 -10,000 -10,000
Payment to partners 0 70,000 5,000

20. If the partners agree to distribute the available cash:

Able Baker Charlie


71000 132000 136000
-92000 -92000 -46000
-21000 40000 90000
21000 -14000 -7000
0 26000 83000
-60000
23000

21. For the month of January, how much cash is available for distribution to the partners?

Column1 CASH OTHER ASSETS LIABILITIES


balances after payment of unrecorded liabiliti 157500 798750 393750
Realization of assets 326250 -382500
balances 483750 416250 393750
payment of liabilities 80% -315000 -315000
balances 168750 416250 78750
liquidation expense -6500
balances 162250 416250 78750
payment to partners -83500

22. How much were the noncash assets sold for?

Column1 Column2 Column3 Column4


Cash Noncash Assets
125000 1275000
Sale of Noncash asset 410625 -1275000
535625 0
Payment of liabilities -320000
215625 0
Offset

23. How much is the total book value of the noncash assets?

Column1 Column2 Column3 Column4


Cash Noncash Assets
125000 1275000
Sale of Noncash asset 410625 -1275000
535625 0
Payment of liabilities -320000
215625 0
Offset

24. What amount of cash did A received in the final settlement?

Liabilities A B C
195000 520000 260000 -390000
-195000 195000
715000 260000 -390000
-292500 -97500 -195000
422500 162500 -585000
0 0 35000
422500 162500 -550000
-412500 -137500 550000
10000 25000 0

25. How much will Ambo receive upon the partnership’s liquidation?

Column1 CASH OTHER ASSETS LIABILITIES


BALANCES BEFORE LIQUIDATION 52500 426000 150000
REALIZATION OF ASSET 347,250 -426000
BALANCES 399750 0 150000
PAYMENT OF LIABILITIES -150000 -150000
BALANCES 249750 0 0
PAMENT TO PARTNERS -249750 0 0

26. If available cash except for a P5,000 contingency fund is distributed immediately, Frank should receive:
ANSWER:
SCHEDULE Dick Frank Helen
Balance before liquidation 75,000 200,000 155,000
Loan Balances -25,000 20,000
Total Partners interest 50,000 220,000 155,000
Possible Loss (345,000+5,000) -70000 -140000 -140000
Balances -20,000 80,000 15,000
Additional loss to Noble, Orbos and pimentel 20,000 -10,000 -10,000
Payment to partners 0 70,000 5,000

27. The following statements describe a partnership, except:


A is incorrect because it is true that a partnership has a juridical personality separate and distinct from that of each of the part
B is correct because may constituted in any form, except where immovable property or real rights are contributed, in which c
C is incorrect because it is true that a partnership Is dissolved by death of a partner
D is incorrect because B does not describe a partnership
E is incorrect because it is true that a partnership is created by agreement of the partners

28. Using the same data above, what is the total amount of cash withheld on January 31, 2051?

Colu+A29+A147:J168 cash other assets Liabilities


Balances 20,000,000 80,000,000 50,000,000
january:
realization of assets 50,000,000 -60,000,000
balances 70,000,000 20,000,000 50,000,000
offset of loan
balances 70,000,000 20,000,000 50,000,000
payment of expenses -3,000,000
balances 67,000,000 20,000,000 50,000,000
payment of liabilities -30,000,000 -30000000
balances 37,000,000 20,000,000 20,000,000
payment to partners -15,000,000
balances 22,000,000 20,000,000 20,000,000
february 28,2051
realization of remaining assets 25000000 -20000000
balances 47000000 20000000
Liquidation expenses -2000000
balances 45000000 20000000
payment of remaining liabilities -20000000 20000000
balances 25000000
final payment to partners -25000000

29. In a liquidation, the liabilities of the partnership should be paid


A is incorrect because losses from assets comes first before payment of liabilities.
B is incorrect because the partnership needs to sell the assets first before making any payment to creditors.
C is correct because payment to outside creditors should be made before distribution of cash to partners.
D is incorrect because it shouldn't be after the revaulation of the asset because you need to sell the asset first.

30. If the partnership agreement does not specify how profi to be allocated, profits or losses should be allocated
a. Incorrect because it is not on the basis of the average capital of the period
b. Incorrect because the sharing of the profit will be equally if the capital contribution is not stated
c. Incorrect because it is only apply for industrialist partner and cannot apply in capitalist partner.
d. Correct because based on the provision of New Civil Code in the absence of agreement division of pofit is in accordance wit

31. Using the same data above, what is the share of A to the maximum possible loss on January 31, 2051?

Colu+A29+A147:J168 cash other assets Liabilities


Balances 20,000,000 80,000,000 50,000,000
january:
realization of assets 50,000,000 -60,000,000
balances 70,000,000 20,000,000 50,000,000
offset of loan
balances 70,000,000 20,000,000 50,000,000
payment of expenses -3,000,000
balances 67,000,000 20,000,000 50,000,000
payment of liabilities -30,000,000 -30000000
balances 37,000,000 20,000,000 20,000,000
payment to partners -15,000,000
balances 22,000,000 20,000,000 20,000,000
february 28,2051
realization of remaining assets 25000000 -20000000
balances 47000000 20000000
Liquidation expenses -2000000
balances 45000000 20000000
payment of remaining liabilities -20000000 20000000
balances 25000000
final payment to partners -25000000

32. How much should Ramon receive upon liquidation of the partnership?

Column1 Enrico Ramon Enrico


Capital balances before liquidation 102,000 90,000
Add loans 24,000 9,000
Total Partners interest 126,000 99,000
Profit and Loss Ratio 0.6 0.4
Loss absorption balance 210000 247500

Allocation I -37,500
balances 210,000 210,000
Allocatiom II: Further cash distributions are to be made in the profit and loss ratio

33. In the settlement of partners, how much cash should Kirk receive?

CASH OTHER ASSETS LIABILITIES KIRK


0 625500 297000 207000
162000 -625500 0 -278100
162000 0 297000 -71100
-162000 0 -162000 0
0 0 135000 -71100
135000 135000
-135000 0 -135000 0
0 0 0 63900
63900 0 0 0
63900 0 0 63900
-63900 -63900
0 0

34. Which statement below is correct?


a. Incorrect because loan receivable from a partners is a part of liabilities or payable
b. Incorrect because if there is no income sharing maybe there is a losses sharing
c. Incorrect because limited liabibility partnership must must not receive cash before liquidation, they must settle first their lia
d. Correct because in limited liability partnership the defifit of one partner should held by the other partners if investment of t
e. Incorrect because not all cash payments are according to their P/L ratio, if in installment the payment should be according t

35. The amount of cash Johnny should receive on July 31, 2003 is:

Column1 CASH ACCOUNTS RECEIVABLE INVENTORIES


Balance before liquidation ₱ 20,000.00 ₱ 30,000.00 ₱ 70,000.00
Collection of receivable ₱ 15,000.00 -₱ 15,000.00
Inventory sold ₱ 20,000.00 -₱ 70,000.00
balances ₱ 55,000.00 ₱ 15,000.00 ₱ -
payment to partner -₱ 10,000.00
₱ 45,000.00 ₱ 15,000.00 ₱ -

36. Which of the following results in the dissolution of a partnership?


A is incorrect because a partnership shall not be dissolved by receipt of share in profit by an existing partner hen it occurs afte
B is incorrect because the contribution of additional assets to the partnership by an existing partner is a mere investment
C is correct because withdrawal of a partner from a partnership would lead to dissolution of the partnership
D is incorrect because it refers to the liquidation process
E is incorrect because choice C results in the dissolution of a partnership

37. The amount of cash Johnny should receive on September 30, 2004

Column1 cash other assets loan to Billy


Balances 35,000 280,000 52,500
january:
realization of assets 61,250 -280,000
balances 96,250 0 52,500
payment of liabilities -61,250
balances 35,000 0 52,500
payment to partners -17,500
balances 17,500 0 52,500

38. The partners agree to liquidate the business and distribute cash as it becomes available. A cash distribution plan for the QR

Column1 QR RS QS
BALANCES before liquidation 70000 80000 150000
Add loan 50000
Total interest 70000 130000 150000
P/L ratio 0.25 0.25 0.5
loss absorption 280000 520000 300000
allocation 1 -220,000
balance 280000 300000 300000
allocation 2 -20,000 -20,000
balance 280000 280000 280000

39. How much cash is to be distributed to HH?

Column1 HH II JJ
CAPITAL BALANCES ₱ 126,000.00 ₱ 90,000.00 ₱ 36,000.00
ADD LOAN ₱ 48,000.00
TOTAL INTEREST ₱ 174,000.00 ₱ 90,000.00 ₱ 36,000.00
RESTRICTED INTEREST- POSSIBLE LOSS
₱ 195,000.00 ₱ - ₱ - ₱ -
BALANCES ₱ 174,000.00 ₱ 90,000.00 ₱ 36,000.00
ADDITIONAL LOSS TO OTHER PARTNER ₱ - ₱ - -₱ 36,000.00
PAYMENT TO PARTNERS ₱ 174,000.00 ₱ 90,000.00 ₱ -

40. The main characteristics of lumpsum liquidation done in one transaction is that all the
a. Incorrect because the information is incomplete and only the cash available is mention
b. Correct because the information is completely stated where the assets sold in one transaction and available cash will fist dis
c. Incorrect because only the liabilities are stated in the information and the assets and the payment to the partners are not m
d. Incorrect because only the selling of assets are stated, settlement and payments of other accounts are not mention.

41. Which is the following is acharacteristic of most partnership?


a. Incorrect because not all of the letters are correct
b. Incorrect because partnership ceases to exist if the partners agreed to it
c. Correct becauseagreement between partners forms partnership
d. Incorrect because partnership could also divide losses
e. Incorrect because general partners can absorb unlimited liability up to the extent of their personal assets

42. Non-cash assets invested into a partnership are recorded at


A is incorrect because carrying value would not match the current market price of non-cash assets
B is incorrect because original cost of non-cash assets may be irrelevant, as it is not updated for changes in the items' values
C is correct because non-cash investments should be valued equal to their current market price
D is incorrect because non-assets have their equivalent value

43. The partner’s capital account is credited in the following cases except when it involves the recording of the
a. Correct because drawings decreases the capital of a partner because you are getting the money out of the partnership
B is incorrect because shares in profit are credited while shares in losses are debited
C is incorrect because additional investment is credited to the capital of a partner
D is incorrect because original investment is credited to the capital of a partner

44. Which of the following will not result in the dissolution of a partnership?
a. Incorrect because the partnership may disolve when partners are incompatible and when profit figures failed to reach proje
b. Incorrect because like what I said in letter a and retirement if a partners is a result of dissolution
c. Incorrect because retirement and death are the result of dissolution
d. Incorrect because all of the written information is the result of dissolution of patnership
e. Correct because all of the information written are the result of dissolution of a partnership

45. The amount of cash withheld for anticipated liquidation expense.

cash other assets liabilities denis


72000 357000 120000 132000
192000 -357000 0 -82500
264000 0 120000 49500
-6000 -3000
-32400 -32400 0
225600 87600 46500
-207600 -87600 -37500
18000 0 9000

46
Column1 Column2
U, Capital 553500
Receivable from U 132000
Total Interest 421500
Cash received 438000
Gain of U 16500
P/L 50%
Gain 33000
Total Capital 1454500
Cash Distributed 1487500

47. Which of the following statements is false concerning the Schedule of Liquidation
A is correct because frequent reporting by the accountant is necessary to keep a tight handle on the financial position of the fi
B is incorrect because it is true that the Schedule of Liquidation provides a listing of transactions to date, current cash, and cap
C is incorrect because it is true that the Schedule of Liquidation provides a listing of property still being held by the partnership
D is incorrect because it is true that the Schedule of Liquidation keeps creditors and partners apprised of the results of the pro
E is incorrect because it is true that liquidations may take a considerable length of time to complete

48

Colu+A29+A147:J168 cash other assets Liabilities


Balances 20,000,000 80,000,000 50,000,000
january:
realization of assets 50,000,000 -60,000,000
balances 70,000,000 20,000,000 50,000,000
offset of loan
balances 70,000,000 20,000,000 50,000,000
payment of expenses -3,000,000
balances 67,000,000 20,000,000 50,000,000
payment of liabilities -30,000,000 -30000000
balances 37,000,000 20,000,000 20,000,000
payment to partners -15,000,000
balances 22,000,000 20,000,000 20,000,000
february 28,2051
realization of remaining assets 25000000 -20000000
balances 47000000 20000000
Liquidation expenses -2000000
balances 45000000 20000000
payment of remaining liabilities -20000000 20000000
balances 25000000
final payment to partners -25000000

49. The effect of the admission of a new partner is


A is incorrect because admission of a new partner may or may not decrease the capital balances of the original partners
B is incorrect because the admission of a new partner may or may not increase the capital balances of the original partners
C is incorrect because the admission of a new partner may have or may not have effect on the capital balances of the origina
D is correct because the admission of a new partner could affect partners' capital balances in various manner

50. Which statement below is false?


A is incorrect because it is true that when a partner is insolvent, the partner's personal assets should first be used to settle the
B is incorrect because it is true that the purpose of a marshaling of assets is to protect the interests of various creditors.
C is incorrect because it is true that the marshaling of assets gives order and structure to the settling of claims.
D is incorrect because it is true that after a partner’s personal creditors are satisfied, any remaining personal assets may be us
E is false because partnership assets cannot be used to pay a partner’s personal creditor prior to payment to partnership credi
nd the distribution of loss

eds his capital credit.


personal liabilities.

personal settlement or transaction

he sale of the non-cash assets?

How much should be distributed to Dana upon liquidation of the partnership?

Tyron, Capital Dana, Capital Ira, Capital


105,000 94,500 29,400
-81,900 -54,600 -54,600
23,100 39,900 -25,200

23,100 39,900 -25,200


10,500
23,100 39,900 -14,700
-8,820 -5,880 14,700
14,280 34,020 0

must settle first their liabilities before distribution


artners if investment of the deficit partner is not stated
ent should be according to cash priority program

B LOAN A CAPITAL B CAPITAL D CAPITAL


75000 247500 251250 247500
0 0 0
75000 247500 251250 247500

75000 247500 251250 247500


-75000 -247500 -251250 -247500

reparing liquidation statement


the distribution of cash still existed.

RR2 SS2 TT2


9,600

13,200 8,800
22,800 8,800

nce with the

Y Z
490000 1058000
-694000 -694000
-204000 364000
-102000

ed to absorb deficit balance(s) at their ratio.

ve been paid
with positive capital balances.
pital deficit balances will prove to be a total loss to the partnership

Ramon Column1 Enrico Ramon


available cash (68,500)
Allocation 1 15,000
Allocation 2 32,100 21,400
balance 32,100 36,400

15,000

ue and the cash proceeds received is called?


value is treated as loss while whenever grater is a gain.

B, Loan A,Loan N, Capital (.20) B, C apital (.30) A, Capital (.5)


5,000,000 15,000,000 20,000,000 20,000,000 -10,000,000

-2,000,000 -3,000,000 -5,000,000


5,000,000 15,000,000 18,000,000 17,000,000 -15,000,000
-15,000,000 15,000,000
5,000,000 0 18,000,000 17,000,000 0
-600000 -900000 -1500000
5,000,000 0 17,400,000 16,100,000 -1,500,000

5,000,000 0 17,400,000 16,100,000 -1,500,000


-8,000,000 -7,000,000
5,000,000 0 9,400,000 9,100,000 -1,500,000

1,000,000 1,500,000 2500000


5000000 10,400,000 10,600,000 1000000
-400,000 -600,000 1000000
5000000 0 10,000,000 10,000,000

5000000 0 10000000 10000000


-5000000 0 -10000000 -10000000
ures failed to reach projected levels

be distributed assuming that CC had already received assets with a value of P30,000?

AA, Loan AA, Capital BB, Capital CC, Capital


20,000 70,000 30,000 20,000
-15,000 -15,000 -15,000
20,000 55,000 15,000 5,000

20,000 55,000 15,000 5,000


-20,000
0 55,000 15,000 5,000
-55,000 -15,000 -5,000
0 0 0 0
J CAPITAL K CAPITAL
315000 247500
0 0
315000 247500

315000 247500
0 0
315000 247500
#REF! #REF!

Column5 Column6 Column7 Column8


Liabilities Chris Ann Nine
320000 350000 450000 280000
-216093.75 0 0
320000 133906.25 450000 280000
-320000
0 133906.25 450000 280000

Column5 Column6 Column7 Column8


Liabilities Chris Ann Nine
320000 350000 450000 280000
-216093.75 0 0
320000 133906.25 450000 280000
-320000
0 133906.25 450000 280000

D
-585000
-585000
585000
0

BERTO LOAN AMBO CAPITAL BERTO CAPITAL CARLO CAPITAL


30000 99000 100500 99000
-39,375 -23,625 -15,750
30000 59625 76875 83250

30000 59625 76875 83250


-30000 -59625 -76875 -83250

m that of each of the partners


e contributed, in which case, the law requires that a public instrument be executed

B, Loan A,Loan N, Capital (.20) B, C apital (.30) A, Capital (.5)


5,000,000 15,000,000 20,000,000 20,000,000 -10,000,000
-2,000,000 -3,000,000 -5,000,000
5,000,000 15,000,000 18,000,000 17,000,000 -15,000,000
-15,000,000 15,000,000
5,000,000 0 18,000,000 17,000,000 0
-600000 -900000 -1500000
5,000,000 0 17,400,000 16,100,000 -1,500,000

5,000,000 0 17,400,000 16,100,000 -1,500,000


-8,000,000 -7,000,000
5,000,000 0 9,400,000 9,100,000 -1,500,000

1,000,000 1,500,000 2500000


5000000 10,400,000 10,600,000 1000000
-400,000 -600,000 1000000
5000000 0 10,000,000 10,000,000

5000000 0 10000000 10000000


-5000000 0 -10000000 -10000000

pofit is in accordance with capital contribution.

B, Loan A,Loan N, Capital (.20) B, C apital (.30) A, Capital (.5)


5,000,000 15,000,000 20,000,000 20,000,000 -10,000,000

-2,000,000 -3,000,000 -5,000,000


5,000,000 15,000,000 18,000,000 17,000,000 -15,000,000
-15,000,000 15,000,000
5,000,000 0 18,000,000 17,000,000 0
-600000 -900000 -1500000
5,000,000 0 17,400,000 16,100,000 -1,500,000
5,000,000 0 17,400,000 16,100,000 -1,500,000
-8,000,000 -7,000,000
5,000,000 0 9,400,000 9,100,000 -1,500,000

1,000,000 1,500,000 2500000


5000000 10,400,000 10,600,000 1000000
-400,000 -600,000 1000000
5000000 0 10,000,000 10,000,000

5000000 0 10000000 10000000


-5000000 0 -10000000 -10000000

Ramon Column1 Enrico Ramon


available cash (68,500)
Allocation 1 15,000
Allocation 2 32,100 21,400
balance 32,100 36,400

15,000

WAYNE
121500
-185400
-63900
0
-63900

0
-63900
63900
0
must settle first their liabilities before distribution
artners if investment of the deficit partner is not stated
ent should be according to cash priority program

PLANT ASSETS LIABILITIES JOHNNY LOAN BILLY CAPITAL JOHNNY CAPITAL


₱ 60,000.00 ₱ 35,000.00 ₱ 25,000.00 ₱ 40,000.00 ₱ 50,000.00

₱ - ₱ -
₱ 60,000.00 ₱ 35,000.00 ₱ 25,000.00 ₱ 40,000.00 ₱ 50,000.00
-₱ 10,000.00
₱ 60,000.00 ₱ 35,000.00 ₱ 25,000.00 ₱ 40,000.00 ₱ 40,000.00

partner hen it occurs after the partnership has acquired the ownership thereof.
s a mere investment

Liabilities Johnny, Loan Billy, Capital (.20) Johnny, C apital (.3Marky, Capital (.5)
61,250 43,750 122,500 87,500 52,500

43,750 65,625 109,375


61,250 43,750 166,250 153,125 161,875
-61,250
0 43,750 166,250 153,125 161,875
-17,500
0 43,750 166,250 135,625 161,875

stribution plan for the QRS partnership will show that cash available after non-partner liabilities are paid will go to:

QR2 RS3 QS4

55,000

5,000 10,000
available cash will fist distributed to liabilities and remaining will be distributed to the partners
o the partners are not mention
are not mention.

ges in the items' values

t of the partnership

ures failed to reach projected levels


lyndon sarah Column1 Column2
84000 93000
-41250 -41250 132000 84000
42750 51750 0.5 0.25
-1500 -1500 264000 336000
0 0 0 0
41250 50250 264000 336000
-36750 -45750 0 -72000
4500 4500 264000 264000

financial position of the firm


te, current cash, and capital balances
g held by the partnership and liabilities remaining unpaid.
d of the results of the process of dissolution.

B, Loan A,Loan N, Capital (.20) B, C apital (.30) A, Capital (.5)


5,000,000 15,000,000 20,000,000 20,000,000 -10,000,000
-2,000,000 -3,000,000 -5,000,000
5,000,000 15,000,000 18,000,000 17,000,000 -15,000,000
-15,000,000 15,000,000
5,000,000 0 18,000,000 17,000,000 0
-600000 -900000 -1500000
5,000,000 0 17,400,000 16,100,000 -1,500,000

5,000,000 0 17,400,000 16,100,000 -1,500,000


-8,000,000 -7,000,000
5,000,000 0 9,400,000 9,100,000 -1,500,000

1,000,000 1,500,000 2500000


5000000 10,400,000 10,600,000 1000000
-400,000 -600,000 1000000
5000000 0 10,000,000 10,000,000

5000000 0 10000000 10000000


-5000000 0 -10000000 -10000000

he original partners
of the original partners
al balances of the original partners

first be used to settle the claims of his or her personal creditors.


f various creditors.

ersonal assets may be used to pay creditors of the partnership


ment to partnership creditors
Column2 SCHEDULE N B
Balance 30,000,000 20,000,000
Loan Balances -10,000,000 5,000,000
Total Partners interest 20,000,000 25,000,000
P/L ratio 0.2 0.3
loss absorbtion 100,000,000 83,333,333
allocation 1 -16,666,667
Balance 83,333,333 83,333,333
allocation 2 -73,333,333 -73,333,333
balance 10,000,000 10,000,000
Allocatiom 3: Further cash distributions are to be made in the profit and loss ratio
Column1 Column2 Column3 Column4 Column5
375000 450000 280000
-25000 20000 0
350000 470000 280000
0.25 0.4 0.35
1400000 1175000 800000
-225000 0 0 56250
1175000 1175000 800000
-375000 -375000 0 93750 150000
800000 800000 800000 150000 150000
Column2 SCHEDULE N B
Balance 30,000,000 20,000,000
Loan Balances -10,000,000 5,000,000
Total Partners interest 20,000,000 25,000,000
P/L ratio 0.2 0.3
loss absorbtion 100,000,000 83,333,333
allocation 1 -16,666,667
Balance 83,333,333 83,333,333
allocation 2 -73,333,333 -73,333,333
balance 10,000,000 10,000,000
Allocatiom 3: Further cash distributions are to be made in the profit and loss ratio

Column2 SCHEDULE N B
Balance 30,000,000 20,000,000
Loan Balances -10,000,000 5,000,000
Total Partners interest 20,000,000 25,000,000
P/L ratio 0.2 0.3
loss absorbtion 100,000,000 83,333,333
allocation 1 -16,666,667
Balance 83,333,333 83,333,333
allocation 2 -73,333,333 -73,333,333
balance 10,000,000 10,000,000
Allocatiom 3: Further cash distributions are to be made in the profit and loss ratio
MARKY CAPITAL
₱ 30,000.00

₱ -
₱ 30,000.00

₱ 30,000.00

aid will go to:


Column3 Column4 Column5 Column6 Column7

93000
0.25
372000
-36000 9000
336000
-72000 18000 18000
264000
37500 18750 18750
37500 36750 45750

Column2
A N B A
-10,000,000
15,000,000
5,000,000
0.5
10,000,000
3333333.4
10,000,000
14666666.6 22,000,000
10,000,000 18000000 22000000
made in the profit and loss ratio
Column6

0
A N B A
-10,000,000
15,000,000
5,000,000
0.5
10,000,000
3333333.4
10,000,000
14666666.6 22,000,000
10,000,000 18000000 22000000
made in the profit and loss ratio

A N B A
-10,000,000
15,000,000
5,000,000
0.5
10,000,000
3333333.4
10,000,000
14666666.6 22,000,000
10,000,000 18000000 22000000
made in the profit and loss ratio
Column8

120000