Scribd Logo
Upload

Welcome to Scribd!

  • El 3

    Uploaded by

    kino lazaro
    4 views2 pages
    The document details the distribution of funds from a company liquidation. It shows $1.3 million was realized from assets, with $20,000 used for liquidation expenses and $600,000 for liabilities. The remaining $600,000 was distributed to partners in a 5:3:2 ratio, with the partner receiving 5/10 receiving $300,000, 3/10 receiving $120,000, and 2/10 receiving $180,000.

    Original Description:

    Original Title

    el3

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    The document details the distribution of funds from a company liquidation. It shows $1.3 million was realized from assets, with $20,000 used for liquidation expenses and $600,000 for liabilities. The remaining $600,000 was distributed to partners in a 5:3:2 ratio, with the partner receiving 5/10 receiving $300,000, 3/10 receiving $120,000, and 2/10 receiving $180,000.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    4 views2 pages

    El 3

    Uploaded by

    kino lazaro
    The document details the distribution of funds from a company liquidation. It shows $1.3 million was realized from assets, with $20,000 used for liquidation expenses and $600,000 for liabilities. The remaining $600,000 was distributed to partners in a 5:3:2 ratio, with the partner receiving 5/10 receiving $300,000, 3/10 receiving $120,000, and 2/10 receiving $180,000.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 2

    1/20/23, 9:14 PM Loading..

    << Search more Solutions!

    Answer

    Particulars Amount in $  

    Cash  $           400,000  

    Assets Realised  $           900,000  

    Total Amount realised  $       1,300,000  

         

    Payment :    

    Liquidation Expenses  $             20,000  

    Liabilities  $           600,000  

    Loan to Partner (L)  $             80,000  

    Available for distribution  $           600,000  

         

    Distribution in Ratio of 5:3:2    

    L  $           300,000 (600000*5/10)

    P   $           120,000 (600000*3/10)

    C  $           180,000 (600000*2/10)

         

    As per liquidation, the net realizable value from the sale of assets will be used in sequence of the
    following:-

     - first preference is given to the liquidation cost

    creativeworks.lol/singapores-50-richest-buffeted-by-global-headwinds/ 1/2
    1/20/23, 9:14 PM Loading..

    - Second preferred and secured creditors and

    - Third unsecured creditors and the remaining amount will be distributed amount partners in the
    profit-sharing ratio.
    Likes: 1 Dislikes: 0

    creativeworks.lol/singapores-50-richest-buffeted-by-global-headwinds/ 2/2

    You might also like