PROBLEM 1

ARENAS, DULAY AND LAURENTE

STATEMENT OF LIQUIDATION
June 30 2019 - August 31, 2019
2,400,000
NON-CASH
CASH ASSETS
P/L RATIO
Balances before liquidation 50,000 2,350,000
1) Realization - distribution of gain 2,650,000 - 2,350,000
Balances 2,700,000 -
2) Settlement of liabilities - 400,000
Balances 2,300,000 -
3) Payment to partners - 2,300,000
Balances - -

Journal entries:
1) Cash 2,650,000
Non-Cash Assets
Arenas, Capital
Dulay, Capital
Laurente, Capital

2) Liabilities 400,000
Cash

3) Arenas, Capital 1,000,000

Dulay, Capital 600,000
Laurente, Capital 700,000
Cash

PROBLEM 2

MIRANDA, LEON AND ESTOQUE

STATEMENT OF LIQUIDATION
March 31, 2019 -
2,750,000
NON-CASH
CASH ASSETS
P/L RATIO
Balances before liquidation 150,000 2,600,000
1) Realization - distribution of losses 2,150,000 - 2,600,000
 Balances 2,300,000 -
2) Settlement of liabilities - 750,000
Balances 1,550,000 -
3) Payment to partners - 1,550,000
Balances - -

Journal Entries:
1) Cash 2,150,000
Miranda, Capital 150,000
Leon, Capital 150,000
Estoque, Capital 150,000
Non-cash Assets/Other Assets

2) Liabilities 750,000
Cash

3) Miranda, Capital 250,000

Leon, Capital 450,000
Estoque, Capital 850,000
Cash

PROBLEM 3

1) Cash 582,800
Gulane, Capital (2/5 x 29,500) 11,800
Tormis, Capital (2/5 x 29,500) 11,800
Sailadin, Capital (1/5 x 29,500) 5,900
Merchandise Inventory

2) Cash 550,900
Gulane, Capital (2/5 x 78,220)
Tormis, Capital (2/5 x 78,220)
Sailadin, Capital (1/5 x 78,220)
Other Assets

3) Accounts Payable 131,350

Cash

4) Gulane, Capital 581,088

Tormis, Capital 456,288
Sailadin, Capital 384,144
Cash
1,421,520

PROBLEM 5
 ESCAREAL, ACOSTA AND LOPEZ
STATEMENT OF LIQUIDATION
For the period
1,150,000
NON-CASH
CASH ASSETS
P/L RATIO
Balances before liquidation 150,000 1,000,000
1) Realization - loss distribution 460,000 - 1,000,000
Balances 610,000 -
2) Settlement of partner's defeciency
Balances 610,000 -
3) Payment to creditors - 250,000
Balances 360,000 -
4) Payment to partners - 360,000
- -

Journal entries:

1) Cash 460,000
Escareal, Capital 180,000
Acosta, Capital 270,000
Lopez, Capital 90,000
Non-cash assets

2) Escareal, Capital 40,000

Lopez, Capital 20,000
Acosta, Capital

3) Account Payable 250,000

Cash

4) Escareal, Capital 80,000

Lopez, Capital 280,000
Cash

PROBLEM 4

VILLANUEVA AND RESULTAY

STATEMENT OF LIQUIDATION
For the period
700,000
NON-CASH
CASH ASSETS
 P/L RATIO
Balances before liquidation 250,000 450,000
1) Realization - loss distribution 170,000 - 450,000
Balances 420,000 -
2) Settlement of defiency - add'l invmt 10,000
Balances 430,000 -
3) Payment to outside creditors - 300,000
Balances 130,000 -
4) Payment to partners - 130,000
- -

Journal entries:

1) Cash 170,000
Villanueva, Capital 210,000
Resultay, capital 70,000
Other assets

2) Cash 10,000
Villanueva, Capital

3) Accounts payable 300,000

Cash

4) Resultay, Capital 130,000

Cash

PROBLEM 7

NATIVIDAD,
CASH CAPITAL
700,000 340,000
Realization 820,000 60,000
Balances 820,000 400,000
Payment to partners - 820,000 - 400,000
Balances - -

Total capital balances 700,000

Less: Available Cash 820,000
Gain on realization - 120,000

PROBLEM 8
Total capital balances 220,000
Less: Available Cash 160,000
Loss on realization 60,000

Soria, Capital (150,000 - 30,000) 120,000

Paras, Capital (70,000 - 30,000) 40,000
Cash available 160,000
 2,400,000
ARENAS, DULAY, LAURENTE,
LIABILITIES CAPITAL CAPITAL CAPITAL
33 1/3 33 1/3 33 1/3 100/3
400,000 900,000 500,000 600,000 -
100,000 100,000 100,000 -
400,000 1,000,000 600,000 700,000 -
- 400,000 -
- 1,000,000 600,000 700,000 -
- 1,000,000 - 600,000 - 700,000 -
- - - -

2,350,000
100,000
100,000
100,000

400,000

2,300,000

2,450,000
MIRANDA, ESTOQUE,
LIABILITIES CAPITAL LEON, CAPITAL CAPITAL
33 1/3 33 1/3 33 1/3
750,000 100,000 600,000 1,000,000
- 150,000 - 150,000 - 150,000
 750,000 - 50,000 450,000 850,000
- 750,000
- - 50,000 450,000 850,000
- 250,000 - 450,000 - 850,000
- - 300,000 - -

2,600,000

750,000

1,550,000

612,300 - 29,500

31,288
31,288
15,644
472,680 78,220

131,350

1,421,520
 1,150,000
ACCOUNTS ESCAREAL, ACOSTA,
PAYABLE CAPITAL CAPITAL LOPEZ, CAPITAL
2 3 1 6
250,000 300,000 210,000 390,000
- 180,000 - 270,000 - 90,000 - 540,000
250,000 120,000 - 60,000 300,000
- 40,000 60,000 - 20,000
250,000 80,000 - 280,000
- 250,000 540,000
- 80,000 - 280,000
- 80,000 - 280,000
- - - -

1,000,000

60,000

250,000

360,000

700,000
ACCOUNTS VILLANUEVA, RESULTAY,
PAYABLE CAPITAL CAPITAL
 3 1
300,000 200,000 200,000
- 210,000 - 70,000
300,000 - 10,000 130,000
10,000
300,000 - 130,000
- 300,000
- - 130,000
- 130,000
- - -

450,000

10,000

300,000

130,000

UNGRIA,
CAPITAL
360,000
60,000
420,000
- 420,000
-