Statement of liquidation for abella

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Reference no: EM132918148

Question

Following is the balance sheet for Abella, Barba & Coloma
Partnership on June 4, 20X5, prior to its liquidation.

Abella, Barba & Coloma Partnership
Balance Sheet
June 4, 20X5

Cash P 6,000 Accounts payable P20,000
Other assets 94,000 Loan payable to Barba 4,000
Abella, capital 27,000
Barba, capital 39,000
Coloma, capital 10,000
Total assets P100,000 Total liabilities and capital P100,000

The partners shared net income and losses as follows: Abella, 40%; Barba, 40%; and Coloma, 20%. On June 25, 20X5, other assets were completely sold for P20,000, and P20,500 had to be paid to liquidate the liabilities because of unrecorded trade accounts payable of P500. Abella and Barba were solvent, but Coloma's personal liabilities exceeded personal assets by P5,000.

Required
Statement of liquidation for Abella, Barba & Coloma Partnership on June 25, 20X5.

Reference no: EM132918148

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