MHL Partnership

Statement of Partnership Liquidation

November 21, 2019
(Amounts in Php)
Cash Non Cash Assets Liaibilities Mary, Capital
Balance before liquidation 400,000 1,600,000 700,000 700,000
a. Sale of non cash asset 1,545,000 -1,600,000 -27,500
Balances 1,945,000 0 700,000 672,500
b. Payment of liquidation expenses -12,000 -6,000
Balances 1,933,000 0 700,000 666,500
c. Payment of liabilities -700,000 -700,000
Balances 1,233,000 0 0 666,500
d. Payment to partners -1,233,000 -666,500

a. Cash 1,545,000 b. Mary, Capital

Mary, Capital 27,500 Helga, Capital
Helga, Capital 13,750 Luz, Capital
Luz, Capital 14 Cash
Accumulated Depreciation 100,000 Payment of liquidation expenses
Accounts Receivable 200,000
Inventories 800,000
Equipment 700,000
Sale of non cash asset

c. Accounts Payable 300,000 d. Mary, Capital

Notes Payable 400,000 Helga, Capital
Cash 700,000 Luz, Capital
Payment of liabilities Cash
Payment to partners
 Helga, Capital Luz, Capital
400,000 200,000
-10,750 -10,750
386,250 186,250
-3,000 -3,000
383,250 183,250

383,250 183,250
-383,250 -183,250

6,000
3,000
3,000
12,000
t of liquidation expenses

666,500
383,250
183,250
1,233,000
 The Leisure Resort
Statement of Partnership Liquidation
June 1 - Aug. 31, 2019
(Amounts in Php)
Cash Non Cash Asset Accounts Payable Kuok, Capital Tong, Capital Lau, Capital
Balances before liquidation 40,000 210,000 60,000 48,000 72,000 70,000
a. Sale of Non Cash Asset 90,000 -120,000 -15,000 -9,000 -6,000
Balances before liquidation 130,000 90,000 60,000 33,000 63,000 64,000
b. Payment of liquidation expenses -2,000 -1,000 -600 -400
Balances 128,000 90,000 60,000 32,000 62,400 63,600
c. Payment of liabilities -30,000 -30,000
Balances 98,000 90,000 30,000 32,000 62,400 63,600
d. Payment to partners -65,000 -25,800 -39,200
Balances 33,000 90,000 30,000 32,000 36,600 24,400
e. Sale of other assets - July 37,000 -45,000 -4,000 -2,400 -1,600
Balances 70,000 45,000 30,000 28,000 34,200 22,800
f. Payment of liquidation expenses -2,000 -1,000 -600 -400
Balances 68,000 45,000 30,000 27,000 33,600 22,400
g. Payment of liabilities -30,000 -30,000
Balances 38,000 45,000 0 27,000 33,600 22,400
h. Payment to partners -36,000 -3,500 -19,500 -13,000
Balances 2,000 45,000 0 23,500 14,100 9,400
i. Sale of other assets - Aug 50,000 -45,000 2,500 1,500 1,000
Balances 52,000 0 0 26,000 15,600 10,400
j. Payment of liquidation expenses -3,000 -1,500 -900 -600
Balances 49,000 0 0 24,500 14,700 9,800
k. Payment to partners -49,000 -24,500 -14,700 -9,800

Schedule 1 - Schedule of Safe Payment for the month of June

Kuok Tong Lau
Capital Balances just before liquidaion 32,000 62,400 63,600
Less: Restricted Interest -46,500 -27,900 -18,600
Balances -14,500 34,500 45,000
Less: Restricted Interest 14,500 -8,700 -5,800
Free Interest 0 25,800 39,200

Schedule 2 - Schedule of Safe Payment for the month of July

Kuok Tong Lau
Capital Balances just before liquidaion 27,000 33,600 22,400
Less: Restricted Interest -23,500 -14,100 -9,400
Free Interest 3,500 19,500 13,000

The Leisure Resort

Priority Program for Cash Distribution
June 1, 2019
(Amounts in Php) Payments
Kuok Tong Lau Kuok Tong Lau
Capital 48,000 72,000 70,000
P/L Ratio 50% 30% 20%
Loss Absorption Ability 96,000 240,000 350,000
Prioty 1 - Payment to Lau -110,000 22,000
Balances 96,000 240,000 240,000
Priority 2 - Payment to Tong & Lau -144,000 -144,000 43,200 28,800
Balances 96,000 96,000 96,000
Total Priority Payments 43,200 50,800

Kuok Tong Lau Kuok Tong Lau

Priority 1 22,000 Priority 2 17,400 11,600
Priority 2 25,800 17,200 P/L 3,500 2,100 1,400
25,800 39,200 3,500 19,500 13,000
 PAMS
Statement of Partnership Liquidation
Jan. 1 - March 31, 2019
(Amounts in Php)
Cash Non Cash Asset Accounts Payable Pearl, Capital Apple, Capital May, Capital Sweet, Capital
Balances before liquidation 10,000 190,000 30,000 60,000 30,000 60,000 20,000
a. Sale of assets - January 18,000 -20,000 -800 -600 -400 -200
Balances 28,000 170,000 30,000 59,200 29,400 59,600 19,800
b. Payment to creditors -15,000 -15,000
Balances 13,000 170,000 15,000 59,200 29,400 59,600 19,800
c. Sale of assets - February 51,000 -60,000 -3,600 -2,700 -1,800 -900
Balances 64,000 110,000 15,000 55,600 26,700 57,800 18,900
d. Payment to creditors -15,000 -15,000
Balances 49,000 110,000 0 55,600 26,700 57,800 18,900
e. Payment to partners -44,000 -5,143 -32,571 -6,286
Balances 5,000 110,000 0 50,457 26,700 25,229 12,614
f. Sale of assets = March 102,000 -110,000 -3,200 -2,400 -1,600 -800
Balances 107,000 0 0 47,257 24,300 23,629 11,814
g. Payment of liquidation expenses -8,000 -3,200 -2,400 -1,600 -800
Balances 99,000 0 0 44,057 21,900 22,029 11,014
h. Payment to partners -99,000 -44,057 -21,900 -22,029 -11,014

Schedule 1- Schedule of Safe Payments for the month of February

Pearl, Capital Apple, Capital May, Capital Sweet, Capital
Capital balances just before liquidation 55,600 26,700 57,800 18,900
Less: Restricted Interest -46,000 -34,500 -23,000 -11,500
Balances 9,600 -7,800 34,800 7,400
Less: Restricted Interest -4,457.14 7,800 -2,228.57 -1,114.29
Free Interest 5,143 0 32,571 6,286