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Assignment 2

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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Bianca Lizardo
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82 views10 pages

Assignment 2

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.

Uploaded by

Bianca Lizardo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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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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