B & C Partnership

Statement of Financial Position

June 1 - 30, 2001

Cash
Profit and loss ratio
Balances before liquidation ₱ 25,000.00
Sale of non-cash assets and distribution of loss 350,000.00
Balances ₱ 375,000.00
Payment of Liabilities (125,000.00)
Balances ₱ 250,000.00
Payment of Partners (250,000.00)

1. F
2. F
3. T
4. T
5. T
6. F
7. T
8. T
9. F
10. F (TRUE ANG 1ST SENTENCE)
 B & C Partnership
Statement of Financial Position
June 1 - 30, 2001
Capital
Non-Cash Assets Liabilities Brian Carmina
225/500 275/500
₱ 600,000.00 ₱ 125,000.00 ₱ 225,000.00 ₱ 275,000.00
(600,000.00) - (112,500.00) (137,500.00)
₱ - ₱ 125,000.00 ₱ 112,500.00 ₱ 137,500.00
- (125,000.00) - -
₱ - ₱ - ₱ 112,500.00 ₱ 137,500.00
- - (112,500.00) 137,500.00
1. All partners are solvent
Lady, Candice, an
Statement of Financ
January 1 - 30,

Cash
Profit and loss ratio
Balances before liquidation ₱ 80,000.00
Sale of non-cash assets and distribution of loss 634,000.00
Payment of Liquidation Expenses (24,000.00)
Balances ₱ 690,000.00
Payment of Liabilities (270,000.00)
Balances ₱ 420,000.00
Additional investment of Lady 15,000.00
Balances ₱ 435,000.00
Payment of Partners (435,000.00)

2. Liabilities of P270,000 include a P70,000 note payable to Lady.

Lady,
Stateme
Ja

Cash
Profit and loss ratio
Balances before liquidation ₱ 80,000.00
Sale of non-cash assets and distribution of loss 634,000.00
Payment of Liquidation Expenses (24,000.00)
Balances ₱ 690,000.00
Payment of Liabilities (200,000.00)
Balances ₱ 490,000.00
Offset of loan against debit balance in the cap balance of Lady -
Balances ₱ 490,000.00
Payment of Partners (490,000.00)

3. Noncash assets of P810,000 include note receivable from Candice in amount of P110,000. Liabilities include P70,000

Cash
Profit and loss ratio
Balances before liquidation ₱ 80,000.00
Sale of non-cash assets and distribution of loss 634,000.00
Payment of Liquidation Expenses (24,000.00)
Balances ₱ 690,000.00
Payment of Liabilities (200,000.00)
Balances ₱ 490,000.00
Offset of receivable against credit balance in the cap balance of Candice -
Balances ₱ 490,000.00
Payment of Partners (490,000.00)
 Lady, Candice, and Cheryl
Statement of Financial Position
January 1 - 30, 2001
Capital
Non-Cash Assets Liabilities Lady Candice
3/8 3/8
₱ 810,000.00 ₱ 270,000.00 ₱ 60,000.00 ₱ 290,000.00
(810,000.00) - (66,000.00) (66,000.00)
(9,000.00) (9,000.00)
₱ - ₱ 270,000.00 -₱ 15,000.00 ₱ 215,000.00
(270,000.00)
₱ - ₱ - -₱ 15,000.00 ₱ 215,000.00
15,000.00
₱ - ₱ - ₱ - ₱ 215,000.00
(215,000.00)

Lady, Candice, and Cheryl

Statement of Financial Position
January 1 - 30, 2001
Capital
Non-Cash Assets NP to Lady Liabilities Lady
3/8
₱ 810,000.00 70,000.00 ₱ 200,000.00 ₱ 60,000.00
(810,000.00) - (66,000.00)
(9,000.00)
₱ - ₱ 70,000.00 ₱ 200,000.00 -₱ 15,000.00
(200,000.00)
₱ - ₱ 70,000.00 ₱ - -₱ 15,000.00
(15,000.00) 15,000.00
₱ - ₱ 55,000.00 ₱ - ₱ -
- (55,000.00) - -

Liabilities include P70,000 to Lady

Lady, Candice, and Cheryl
Statement of Financial Position
January 1 - 30, 2001

NR from Enrico Non-Cash Assets NP to Elias Liabilities

₱ 110,000.00 ₱ 700,000.00 70,000.00 ₱ 200,000.00

 (700,000.00) -

₱ 110,000.00 ₱ - ₱ 70,000.00 ₱ 200,000.00

(200,000.00)
₱ 110,000.00 ₱ - ₱ 70,000.00 ₱ -
(110,000.00) -
₱ - ₱ - ₱ 70,000.00 ₱ -
- - (70,000.00) -
tal
Cheryl
2/8
₱ 270,000.00
(44,000.00)
(6,000.00)
₱ 220,000.00

₱ 220,000.00

₱ 220,000.00
(220,000.00)

Capital
Candice Cheryl
3/8 2/8
₱ 290,000.00 ₱ 270,000.00
(66,000.00) (44,000.00)
(9,000.00) (6,000.00)
₱ 215,000.00 ₱ 220,000.00

₱ 215,000.00 ₱ 220,000.00

₱ 215,000.00 ₱ 220,000.00
(215,000.00) (220,000.00)

Capital
Lady Candice Cheryl
3/8 3/8 2/8
₱ 60,000.00 ₱ 290,000.00 ₱ 270,000.00
 (24,750.00) (24,750.00) (16,500.00)
(9,000.00) (9,000.00) (6,000.00)
₱ 26,250.00 ₱ 256,250.00 ₱ 247,500.00

₱ 26,250.00 ₱ 256,250.00 ₱ 247,500.00

- (110,000.00)
₱ 26,250.00 ₱ 146,250.00 ₱ 247,500.00
(26,250.00) (146,250.00) (247,500.00)