Aparece, Bantilles, Lerin Partnership

Statement of Partnership Liquidation

December 31, 2018
20%

Transactions Cash NCA Liablilities Bantilles, Aparece,

Loan Payable Capital

Balance before liquidation 25,000 475,000 240,000 30,000 120,000

Sale of NCA (loss) 260,000 (475,000) (43,000)
Balance after sale of NCA 285,000 - 240,000 30,000 77,000
Payment of Liability (240,000) (240,000)
Balance after payment of Liab. 45,000 - - 30,000 77,000
Right of offset (30,000)
Balance after offset 45,000 - - - 77,000
Investment 31,000
Balance after investment 76,000 - - - 77,000
Aparece absorbs deficiency (1,000)
Balance after absorption 76,000 - - - 76,000
Payment to Partners (76,000) (76,000)
Balance - - - - -

Aparece, Bantilles, Lerin Partnership

Journal Entries
Cash 260,000
Loss on realization 215,000
Non-Cash Assets 475,000

Aparece,Capital 43,000
Bantilles, Capital 86,000
Lerin, Capital 86,000
Loss on realization 215,000

Liabilities 240,000
Cash 240,000

Bantilles, Loans Payable 30,000

Bantilles, Capital 30,000

Cash 31,000
Bantilles, Capital 6,000
Lerin, Capital 25,000

Aparece, Capital 1,000

Lerin, Capital 1,000
Aparece, Capital 76,000
Cash 76,000
 40% 40%
Bantilles, Lerin, Capital
Capital

50,000 60,000
(86,000) (86,000)
(36,000) (26,000)

(36,000) (26,000)
30,000
(6,000) (26,000)
6,000 25,000
- (1,000)
1,000
- -

- -
 P/L Ratio
40% 40% 20%
Tugade Masinsin Biore

Tugade, Masinsin, Biore Partnership

Journal Entries
Date Transactions
6-Jan Cash
Allowance for uncollectible accounts
Tugade, Capital
Masinsin, Capital
Biore, Capital
Accounts Receivable

9-Jan Cash
Tugade, Capital
Masinsin, Capital
Biore, Capital
Merchandise Inventory

11-Jan
Cash
Tugade, Capital
Masinsin, Capital
Biore, Capital
Prepaid Insurance

14-Jan Cash
Mortgage Payable
A/D Office equipment
A/D Machinery
A/D Building
Tugade, Capital
Masinsin, Capital
Biore, Capital
Office equipment
Machinery
Building
Land

20-Jan Notes Payable

Accounts Payable
 Cash

Tugade, Capital
Biore, Capital
Masinsin, Capital

Biore, Capital
Tugade, Capital

24-Jan Biore, Capital

Cash
 ore Partnership
ntries

151,500
11,100
10,800
10,800
5,400
189,600

160,500
53,040
53,040
26,520
293,100

3,000
2,400
2,400
1,200
9,000

111,000
240,000
10,500
32,100
112,500
40,800
40,800
20,400
31,500
81,600
375,000
120,000

120,000
220,500
 340,500

31,360
15,680
47,040

3,400
3,400

127,500
127,500
 Ligeralde & Paraiso Partnership
Statement of Partnership Liquidation
31-Dec-12
40%
Cash NCA Liabilities Ligeralde, Capital
50,000 550,000 200,000 175,000
Realization on NCA (loss) - June 180,000 (220,000) (16,000)
Balance after realization on NCA 230,000 330,000 200,000 159,000
Payment of Liabilities (200,000) (200,000)
Balance after payment of Liab 30,000 330,000 - 159,000
Payment to Partners (30,000) (27,000)
Balance after liquidation- June - 330,000 - 132,000
Realization on NCA (gain) - July 120,000 (100,000) 8,000
Balance after realization on NCA 120,000 230,000 - 140,000
Liquidation expense (5,000) (2,000)
Balance after liquidation expense 115,000 230,000 - 138,000
Payment to Partners (115,000) (46,000)
Balance after liquidation- July - 230,000 - 92,000
Realization on NCA (loss) - August 225,000 (230,000) (2,000)
Balance after realization on NCA 225,000 - - 90,000
Payment to Partners (225,000) (90,000)
Balance after liquidation - August - - - -

1. How much cash should Ligeralde

receive in June 27,000
1. How much cash should Paraiso
receive in July 46,000
1. How much cash should Ligeralde Ligeralde, Paraiso,
and Paraiso receive in August 90,000 135,000
 Ligeralde & Paraiso Partnership
Schedule of Safe Payments
Jun-12
60% 40%
Paraiso, Capital Ligeralde, Capital
225,000 Capital Balance 159,000
(24,000) Possible loss: Unrealized NCA (330,000) (132,000)
201,000 Balance 27,000

201,000 Ligeralde & Paraiso Partnership

(3,000) Schedule of Safe Payments
198,000 Jul-12
12,000 40%
210,000 Ligeralde, Capital
(3,000) Capital Balance 138,000
207,000 Possible loss: Unrealized NCA (230,000) (92,000)
(69,000) Balance 46,000
138,000
(3,000)
135,000
(135,000)
-
rship
nts

60%
Paraiso, Capital
201,000
(198,000)
3,000

rship
nts

60%
Paraiso, Capital
207,000
(138,000)
69,000
 Basis for Schedule of Priorities
40% 40% 20%
Bernardino Lee Ong
Capital 150,000 350,000 200,000
Loans 100,000 100,000 150,000
Balance 250,000 450,000 350,000
Loss absorption capacity 625,000 1,125,000 1,750,000

Schedule of Priorities
40% 40% 20%
Bernardino Lee Ong
Loss absorption capacity 625,000 1,125,000 1,750,000
Priority 1- Ong (625,000)
Balance 625,000 1,125,000 1,125,000
Priority 2- Ong, Lee (500,000) (500,000)
Balance 625,000 625,000 625,000

Cash Priority Program

40% 40% 20% Total
Bernardino Lee Ong
Priority 1- Ong (625,000) 125,000 125,000
Priority 2- Ong, Lee (500,000) 200,000 100,000 300,000
Cash Distribution - 200,000 225,000 425,000

Allocation of Available Cash

Cash 250,000
Priority 1- Ong (125,000)
Balance after P1 125,000
Priority 2- Ong, Lee
Ong (41,667)
Lee (83,333)
Balance after P2 -
 Bernardino, Lee, Ong Partnership
Informal Statement of Partnership Liquidation
Cash Bernardino, L/P Lee, L/P Ong, L/P
250,000 100,000 100,000 150,000
Priority 1- Ong (125,000) (125,000)
Balance 125,000 100,000 100,000 25,000
Priority 2- Ong, Lee (125,000) (83,333) (25,000)
Balance - 100,000 16,667 -

Bernardino, Lee, Ong Partnership

Journal Entries
Ong, L/P 125,000
Priority 1 Cash 125,000

Ong, L/P 25,000

Lee, L/P 83,333
Priority 2
Ong, Capital 16,667
Cash 125,000
artnership
rship Liquidation
Bernardino, Capital Lee, Capital Ong, Capital
15,000 350,000 200,000

15,000 350,000 200,000

(16,667)
15,000 350,000 183,333