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    Part I. Liquidation

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    Queenie Amor Astillo
    The document is a statement of liquidation for Amina Specialist, Ltd from May 31 to December 31, 2014. It shows the company's cash flows and asset distributions during the liquidation process. Key events include: 1) The sale of accounts receivable in May generated $2.4 million, which was used to pay off liabilities and distribute losses to partners. 2) Supplies inventory was sold, with the proceeds distributed to partners based on profit sharing percentages. 3) Liabilities of $1.28 million were fully paid off. 4) By December, all remaining cash and assets had been distributed to partners, completing the liquidation.

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    Part I. Liquidation

    Uploaded by

    Queenie Amor Astillo
    6 views1 page
    The document is a statement of liquidation for Amina Specialist, Ltd from May 31 to December 31, 2014. It shows the company's cash flows and asset distributions during the liquidation process. Key events include: 1) The sale of accounts receivable in May generated $2.4 million, which was used to pay off liabilities and distribute losses to partners. 2) Supplies inventory was sold, with the proceeds distributed to partners based on profit sharing percentages. 3) Liabilities of $1.28 million were fully paid off. 4) By December, all remaining cash and assets had been distributed to partners, completing the liquidation.

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    Part-I.-Liquidation

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    The document is a statement of liquidation for Amina Specialist, Ltd from May 31 to December 31, 2014. It shows the company's cash flows and asset distributions during the liquidation process. Key events include: 1) The sale of accounts receivable in May generated $2.4 million, which was used to pay off liabilities and distribute losses to partners. 2) Supplies inventory was sold, with the proceeds distributed to partners based on profit sharing percentages. 3) Liabilities of $1.28 million were fully paid off. 4) By December, all remaining cash and assets had been distributed to partners, completing the liquidation.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    6 views1 page

    Part I. Liquidation

    Uploaded by

    Queenie Amor Astillo
    The document is a statement of liquidation for Amina Specialist, Ltd from May 31 to December 31, 2014. It shows the company's cash flows and asset distributions during the liquidation process. Key events include: 1) The sale of accounts receivable in May generated $2.4 million, which was used to pay off liabilities and distribute losses to partners. 2) Supplies inventory was sold, with the proceeds distributed to partners based on profit sharing percentages. 3) Liabilities of $1.28 million were fully paid off. 4) By December, all remaining cash and assets had been distributed to partners, completing the liquidation.

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    © All Rights Reserved
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    AMINA SPECIALIST, LTD

    Statement of Liquidation
    May 31 to December 31, 2014

    Cash Accounts Rec Supplies Invty Cur. Liabilites Due from Amy Loans Pay-Inday Loan Pay-Ann Fixed Assets Amy, Cap Inday, Cap Ann, Cap

    Profit and Loss ratio 45% 30% 25%


    Balances before Liquidation P 50, 000✓ P2,940, 000✓ P50, 000✓ P1,280, 000✓ P50,000✓ P500,000✓ P200,000✓ P500,000✓ P604,500✓ P503,000✓ P502,500

    May-Sale of A/R,&Distribution of Loss 2,400, 000✓ (2,940, 000)✓ (243,000)✓ (162, 000)✓ (135, 000)✓
    Balances P2,450,000✓ P50, 000✓ P1,280, 000✓ P50,000 ✓ P500, 000✓ P200,000✓ P500,000✓ P361,500✓ P341,000✓ P367,000✓

    Distribution of Supply Inventory (50, 000)✓ (22,500) ✓ (15, 000) ✓ (12,500)✓


    Balances P2,450,000✓ P1,280, 000✓ P50,000 ✓ P500, 000✓ P200,000✓ P500,000✓ P339,000✓ P326,000✓ P355,000✓

    Full Payment of Liabilities (1,280,000)✓ (1,280, 000) ✓


    Balances P1,170,000✓ P50,000 ✓ P500, 000✓ P200,000✓ P500,000✓ P339,000✓ P326,000✓ P355,000✓

    Due from Amy (50,000)✓ (50,000)✓


    Balances P1,170, 000✓ P500, 000✓ P200,000✓ P500,000✓ P289,000✓ P326,000✓ P355,000✓

    Payment to Partners’ Loans (700,000)✓ (500,000)✓ (200,000)✓


    Balances P 470,000✓ P500,000✓ P289,000✓ P326,000✓ P355,000✓

    Dec-Sale of A/R,&Distribution of Loss 350,000✓ (500,000)✓ (67,500)✓ (45,000)✓ (37,500)✓


    Balances P 820,000✓ P221,500✓ P281,000✓ P317,500✓

    Payment to Partners’ Capital (820,000)✓ (221,500) ✓ (281,000)✓ (317,000)✓

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