Professional Documents
Culture Documents
Problem #1 CDG Partnership Statement Ofliquidation 31-Dec-01 Cash
Problem #1 CDG Partnership Statement Ofliquidation 31-Dec-01 Cash
A.
CDG Partnership Statement ofLiquidat
31-Dec-01
Cash
P/L Percentage
Balances before liquidation 25,000 475,000
Sale on Non-Cash Assets & Distribution of Losses 260,000 -475,000
Balances 285,000
B. Dr Cr
1. Other assets 475,000
Accounts receivable 75,000
Inventory 100,000
Plant & Equipement 300,000
2. Cash 260,000
Loss on realization 215,000
sale of non cash assets 475,000
4. Liabilities 240,000
Cash 240,000
C.
Cling Ding
Personal Assets 250,000 300,000
Personal Liabilities -230,000 -240,000
Personal Net Worth 20,000 60,000
Contribution to partnership liquidating distribution -36,667
76,667
Net worth, December 2001 96,667 23,333
PROBLEM #2
MYL
Stateme
CASE A
Cash
Balances before Liquidation 63,000 380,500
Sale on Non-Cash Assets & Loss Distribution 300,000 -380,500
Balances 363,000
Payment of Liability -208,500
Balances 154,500
Offset M's receivable against her capital -57,800
Balances 154,500
Investment of M in payment of N/R 17,200
Balances 171,700
Payment to partners 171,700
Y, Loan 40,000
L, Loan 60,000
Y, Capital 57,800
L, Capital 13,900
Cash 171,700
CASE B
Cash
Balances before Liquidation 63,000 380,500
Sale on Non-Cash Assets & Loss Distribution 270,000 -380,500
Balances 333,000
Payment of Liability -208,500
Balances 124,500
Offset M's receivable against her capital
Balances 124,500
Investment of M in payment of N/R 4,000
Balances 128,500
N/R deficiency of M absorbed by solvent partners
Balances 128,500
Offset of L's loan against her deficiency
Balances 128,500
Payment to partners 128,500
Y, Loan 40,000
L, Loan 59,500
Y, Capital 29,000
Cash 128,500
Partnership Statement ofLiquidation
31-Dec-01
-240,000
30,000 77,000 -36,000 -26,000
-30,000 30,000
77,000 6,000 -26,000
25,000
77,000 1,000
-333
76,667
Ging
350,000
-325,000
25,000
-25,000
MYL Partnerahip
Statement of Liquidation
57,800 13,900
57,800 13,900
57,800 13,900
57,800 13,900
Y, Capital L, Capital
90,000 30,000
-44,200 -22,100
45,800 7,900
45,800 7,900
45,800 7,900
45,800 7,900
-16,800 -8,400
29,000 -500
500
29,000
29,000