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Prepare statement of liquidation and the journal entries

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Reference no: EM132557209

The following are the ledger balances of accounts X Partnership prior to the liquidation process:

Cash P45,000                              Loans payable- Professor P15,000

Accounts receivable 60,000            Liabilities 225,000

Inventories 195,000                     Professor, Capital (30%) 120,000

Land 150,000                              Wolverine, Capital (40%) 240,000

Building 240,000                                  Beast, Capital (40%) 210,000

Furniture 120,000

Required:

Question a: Prepare statement of liquidation and the journal entries for each of the following assumption.

1. All non cash assets were sold at P1,000,000.

2. All non cash assets are sold at P600,000. All partners are solvent.

Reference no: EM132557209

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