Reference no: EM132879423
The partners of Lady, Candice and Cheryl Partnership have agreed to liquidate their partnership as of December 31, 2000. The partnership has cash of P 80,000, noncash assets of P 810,000, and liabilities of P270,000. The capital accounts of the partners are: Lady, P60,000; Candice, P290,000; Cheryl, P270,000. The partners share profits and losses in the ratio 1:2:2 respectively. The partnership was able to sell all the noncash assets for P500,000 and paid P24,000 of liquidation expenses.
Instructions;
Question 1. Prepare statement of liquidation assuming all partners are solvent.
Question 2. Prepare statement of liquidation assuming the liabilities of P270,000 include a P70,000 note payable to Lady. All partners are solvent.
Question 3. Prepare statement of liquidation assuming the noncash assets of P 810,000 include a note receivable from Candice in the amount of P110,000. The liabilities include a P70,000 note payable to Lady.
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