Partnership Liquidation

1. True 6. True
2. False 7. True
3. False 8. True
4. True 9. True
5. True 10. True

Problem #1

Gulane, Tormis, and Sailadin

Statement of Luquidation
30-Jun-18

MERCHANDISE
CASH INVENTORY OTHER ASSETS ACCOUNTS PAYABLE GULANE CAPITAL TORMIS CAPITAL SAILADIN CAPITAL
P/L Ratio 2/5 2/5 1/5
Balance on the date of liquidation 419,170.00 612,300.00 472,680.00 131,350.00 561,600.00 436,800.00 374,400.00
Sales of Assets 1,133,700.00 (612,300.00) (472,680.00) 19,488.00 19,488.00 9,744.00
Balances 1,552,870.00 - - 131,350.00 581,088.00 456,288.00 384,144.00
Payments for Liabilities (131,350.00) (131,350.00)
Balances 1,421,520.00 - - - 581,088.00 456,288.00 384,144.00
Distribution to Partners (1,421,520.00) (581,088.00) (456,288.00) (384,144.00)
- - - - - - -

SALES OF ASSETS
Cash 1,133,700.00
Gulane Capital 19,488.00
Tormis Capital 19,488.00
Sailadin Capital 9,744.00
Merchandise Inventory 612,300.00
Other Assets 472,680.00

PAYMENTS FOR LIABILITIES

Accounts Payable 131,350.00
Cash 131,350.00

DISTRIBUTIONS TO PARTNERS
Gulane Capital 581,088.00
Tormis Capital 456,288.00
Sailadin Capital 384,144.00
Cash 1,421,520.00

Problem #2

Escareal, Acosta, and Lopez

Statement of Luquidation

CASH NONCASH ASSETS ACCOUNTS PAYABLE ESCARAEL CAPITAL ACOSTA CAPITAL LOPEZ CAPITAL
P/L Ratio 2/6 3/6 1/6
Balance on the date of liquidation 150,000.00 1,000,000.00 250,000.00 300,000.00 210,000.00 390,000.00
Sales of Assets 460,000.00 (1,000,000.00) (178,200.00) (270,000.00) (91,800.00)
Balances 610,000.00 - 250,000.00 121,800.00 (60,000.00) 298,200.00
Payments for Liabilities (250,000.00) (250,000.00)
Balances 360,000.00 - - 121,800.00 (60,000.00) 298,200.00
Investment 60,000.00 60,000.00
Balances 420,000.00 - - 121,800.00 - 298,200.00
Distribution to Partners (420,000.00) (121,800.00) - (298,200.00)
- - - - - -

Sales of Assets
Cash 460,000.00
Escarael Capital 178,200.00
Acosta Capital 270,000.00
Lopez Capital 91,800.00
Non Cash Assets 1,000,000.00

Payments for Liabilities

Accounts Payable 250,000.00
Cash 250,000.00

Investment
Cash 60,000.00
Acosta Capital 60,000.00

Distribution to partners
Escarael Capital 121,800.00
Lopez Capital 298,200.00
Cash 420,000.00

Problem #3

Cynthia Natividad and Domingo Ungria Jr.

Statement of Luquidation
CASH NATIVIDAD CAPITAL UNGRIA CAPITAL
P/L Ratio
Balance on the date of liquidation 820,000.00 340,000.00 360,000.00
Distribution to Partners (820,000.00) 410,000.00 410,000.00
Balance - 750,000.00 770,000.00

Natividad Capital 410,000.00

Ungria Capital 410,000.00
Cash
820,000.00

Problem #4

Hungria and Blanche Partnership

Statement of Luquidation
CASH ASSETS LIABILITIES HUNGRIA CAPITAL BLANCHE CAPITAL
P/L Ratio 3/4 1/4
Balance on the date of liquidation 1,000,000.00 250,000.00 400,000.00 350,000.00
Payments for Liabilities 800,000.00 (1,000,000.00) (250,000.00) (337,500.00) (112,500.00)
Balance 800,000.00 - - 62,500.00 237,500.00
Distribution to Partners (800,000.00) - - (62,500.00) (237,500.00)
- - - - -

Cash Distribution Cash Distribution

Cash Balance 800,000.00
Hungria Capital 800,000.00 x 3/4 600,000.00
Blanche Capital 800,000.00 x 1/4 200,000.00
800,000.00

Problem #5
Partnership Formation

Problem #1

Cash 280,000.00
Froilan Labausa Capital 280,000.00

Land 1,350,000.00
Inventory 510,000.00
Land Book Value 650,000.00
Inventory Book Value 600,000.00
Notes Payable 350,000.00
Rosalie Balhag Capital 260,000.00

Problem #2
Cash 1,260,000.00
Computer Equipment 540,000.00
Gogola withdrawal 660,000.00
Computer Fair Value 360,000.00
Notes Payable 120,000.00
Gogola Capital 1,080,000.00
Paglinawan Capital 900,000.00

Gogola should make a withdrawal of 660,000.00

Partnership Operation

1. True 6. False
2. False 7. False
3. True 8. True
4. True 9. True
5. True 10. True
Partnership Operation

1. True 6. False
2. False 7. False
3. True 8. True
4. True 9. True
5. True 10. True