Required

Debit Credit
1 Cash 2,650,000
Non-Cash Assets 2,350,000
Gain on realization 300,000

2 Gain on realization 300,000

Arenas, Capital 100,000
Dulay, Capital 100,000
Laurente, Capital 100,000

3 Liabilities 400,000
Cash 400,000

4 Arenas, Capital 1,000,000

Dulay, Capital 600,000
Laurente, Capital 700,000
Cash 2,300,000
Required

Miranda, Leon and Estoque

Statement of Partnership Liquidation
March 31, 2019

Cash Non-Cash Assets Liabilities

P/L Shared Equally

Balances before Liquidation 150,000 2,600,000 750,000
Sale of Non-Cash Assets and
distribution of Losses 2,150,000 -2,600,000
Balances 2,300,000 750,000
Payment of Liabilities To Outsiders -750,000 -750,000
Balances 1,550,000
Payments to Partners ( -1,550,000
oque Date
quidation 2019
Mar-31 Cash
Loss on Realization
Miranda, Capital Leon, Capital Estoque, Capital Non-cash Assets

31 Miranda, Capital
400,000 600,000 1,000,000 Leon, Capital
Estoque, Capital
-150,000 -150,000 -150,000 Loss on realization
250,000 450,000 850,000
31 Liabilities
250,000 450,000 850,000 Cash
-250,000 -450,000 -850,000
31 Miranda, Capital
Leon, Capital
Estoque, Capital
Cash
 Debit Credit

2,150,000
450,000
2,600,000

150,000
150,000
150,000
450,000

750,000
750,000

250,000
450,000
850,000
1,550,000
 Gulane, Tormis and Sailadin
Statement of Partnership Liquidation
March 31, 2019

Cash Merch. Inventory Other Assets Accounts Payable

Capital Balances Before Liquidation 419,170 612,300 472,680 131,350
Sale of Non-Cash Assets
Merchandise Inventory 582,800 612,300
Other Assets 550,900 472,680 131,350
Balances 1,552,870 - - 131,350
Payment of Liabilities 131,350
Balances 1,421,520 - - -
Payment to Partners 1,421,520
Balances - - - -
 Date
Cash
Loss on Realization
Merch. Inventory
Gulane, Capital Tormis, Capital Sailadin, Capital
561,600 436,800 374,400 Gulane, Capital
Tormis, Capital
11,800 11,800 5,900 Sailadin, Capital
31,288 31,288 15,644 Loss on Realization
581,088 456,288 384,144
Cash
581,088 456,288 384,144 Other Assets
581,088 456,288 384,144 Gain on Realization
- - -
Gain on Realization
Gulane, Capital
Tormis, Capital
Sailadin, Capital

Accounts Payable
Cash

Gulane, Capital
Tormis, Capital
Sailadin, Capital
Cash
Debit Credit
582,800
29,500
612,300

5,900
11,800
11,800
29,500

550,900
472,680
78,220

78,220
31,288
31,288
15,644

131,350
131,350

581,088
456,288
384,144
1,421,520
Required

Miranda, Leon and Estoque

Statement of Partnership Liquidation
March 31, 2019

Cash Non-Cash Assets Liabilities

P/L Shared Equally

Balances before Liquidation 250,000 450,000 300,000
Sale of Non-Cash Assets and
distribution of Losses 170,000 -450,000
Balances 420,000 300,000
Payment of Liabilities To Outsiders -300,000 -300,000
Balances 120,000
Additional investment
by Villanueva 10,000
Balances 130,000
Payments to Partners -130,000
toque
iquidation Date Debit
- Cash 170,000
Loss on Realization 280,000
Villanueva, Capital Resultay, Capital Non-cash Assets

3/4 1/4 - Villanueva, Capital 210,000

200,000 200,000 Resultay, Capital 70,000
Loss on realization
-210,000 -70,000
-10,000 130,000 - Accounts Payable 450,000
Cash
-10,000 130,000
- Cash 10,000
10,000 Villanueva, Capital
130,000
-130,000 - Resultay, Capital 130,000
Cash
Credit

450,000

280,000

450,000

10,000

130,000
 Miranda, Leon and Estoque
Statement of Liquidation
March 31, 2019

Cash Assets Liabilities Modesto, Capital Corpuz, Capital

Capital balance before liquidation 1,200,000 150,000 600,000 450,000

Sale of non-Cash assets
Assets 900,000 1,200,000 200,000 100,000
Balances 900,000 - 400,000 350,000
Payment of liabilities 150,000 150,000
Balances 750,000 - 400,000 350,000
Payment of partners 750,000 400,000 350,000
Balances - -
Date Debit Credit
Cash 900,000
Loss on realization 300,000
Assets 1,200,000

Modesto, Capital 200,000

Corpuz, Capital 100,000
Loss on realization 300,000

Liabilities 150,000
Cash 150,000

Modesto, Capital 400,000

Corpuz, Capital 350,000
Cash 750,000
 Natividad and Ungria
Statement of Liquidation

Cash Natividad, Capital Ungria, Capital

Profit and Loss Ratio 50% 50%

Balances before
Liquidation 340,000 360,000
Sale of Non-Cash
Asset and Distribution
of Gains 60,000 60,000
Balances 820,000 400,000 420,000
Payment to
Partners -820,000 -400,000 -420,000
 Soria and Paras
Statement of Liquidation

Cash Soria, Capital Paras, Capital

Profit and Loss Ratio 50% 50%

Balances before
Liquidation 150,000 70,000
Sale of Non-Cash
Asset and Distribution
of Gains -30,000 -30,000
Balances 160,000 120,000 40,000
Payment to
Partners -160,000 -120,000 -40,000
 Hungria and Blunche
Statement of Liquidation
31-Dec-19

Cash Asset Liabilities Hungria, Capital Blunche, Capital

Balances before
Liquidation 1,000,000 250,000 400,000 350,000
Sale of Non-Cash
Asset and Distribution
of Gains 800,000 1,000,000 700,000 300,000
Balances 800,000 -300,000 50,000
Payment to
Liabilities 250,000 250,000
Balances 550,000 -300,000 50,000
Payment to
Partners 550,000 -300,000 50,000
 Aparece, Bantilles and Lerin
Statement of Liquidation
30-Jun-19

Cash Non Cash Assets Accoutns Payable

Balances before liquidation 25,000 475,000 240,000

Sale of non-Cash assets 260,000 475,000
Balances 285,000 240,000
Payment of Liabilities 240,000 240,000
Balances 45,000 475,000
Right of Offset Against Bantilles
Balances 45,000 475,000
Additional Investments 31,000
Balances 76,000 475,000
Absorption oof capital
Deficiency
Balances 76,000
Payment to Partners 76,000
Balances
 in Date
n Cash
Loss on realization

Notes payable Aparace, Capital Bantilles, Capital Lerin, Capital

Aparace, Capital
30,000 120,000 50,000 60,000 Bantilles, Capital
43,000 86,000 86,000 Lerin, Capital
30,000 77,000 -36,000 -26,000

77,000 -36,000 -26,000 Liabilities

30,000 77,000
30,000 30,000 -26,000
77,000 -6,000 25,000 Loans-Payable- Bantilles
6,000 -1,000
77,000
1,000 -1,000 Cash
76,000
76,000

Aparace, Capital

Aparace, Capital
 Debit Credit
260,000
Loss on realization 215,000
Non-Cash asset 475,000

Aparace, Capital 43,000

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

Liabilities 240,000
Cash 240,000

Loans-Payable- Bantilles 30,000

Bantilles, Capital 30,000

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

Aparace, Capital 1,000

Lerin, Capital 1,000

Aparace, Capital 76,000

Cash 76,000
1 Personally Insolvent Sertabia Selisana Gevera Total
Capital balances before liquidation 600,000 -240,000 360,000 720,000
Absorption of deficiency -120,000 240,000 120,000 -
Balances after absorption 480,000 - 240,000 720,000
Payment to partners -480,000 - -240,000 -720,000
Balances after payment - - - -

2 Personally solvent Sertabia Selisana Gevera Total

Capital balances before liquidation 600,000 -240,000 360,000 720,000
Additional investment - 240,000 - 240,000
Balances after investment 600,000 - 360,000 960,000
Payment to partners -600,000 - -360,000 -960,000
Balances after payment - - - -

3 Personally solvent up to 60% Sertabia Selisana Gevera Total

Capital balances before liquidation 600,000 -240,000 360,000 720,000
Additional investment (60% only) - 144,000 - 144,000
Balances after investment 600,000 -96,000 360,000 864,000
Absorption of deficiency -48,000 96,000 -48,000 -
Balances after absorption 552,000 - 312,000 864,000
Payment to partners -552,000 - -312,000 -864,000
Balances after payment - - - -
Jornal Entry for Partnership Liquidation

Date Debit Credit

Jan-06 Cash 151,500
Allowance for uncollectible accounts 11,100
Tugade,Capital 10,800
Masinsin, Capital 10,800
Biore, Capital 5,400
Accounts Receivable 189,600

Jan-09 Cash 160,500

Tugade,Capital 53,040
Masinsin, Capital 53,040
Biore, Capital 26,520
Merchandise Inventory 293,100

Jan-11 Cash 3,000

Tugade,Capital 2,400
Masinsin, Capital 2,400
Biore, Capital 1,200
Prepaid Insurance 9,000

Jan-14 Cash 111,000

Mortgage Payable 240,000
Accu. Depreciation- Office equipment 10,500
Accu. Depreciation- Machinery 32,100
Accu. Depreciation- Building 112,500
Tugade,Capital 40,800
Masinsin, Capital 40,800
Biore, Capital 20,400
Land 120,000
Equipment 31,500
Machinery 81,600
Building 375,000

Jan-20 Notes Payable 120,000

Accounts Payable 220,500
Cash 40,500

20 Tugade,Capital 31,360
Biore, Capital 15,680
Masinsin, Capital 47,040

20 Biore, Capital 3,400

 Tugade,Capital 3,400

Jan-24 Biore, Capital 127,500

Cash 127,500
1.) Profit for 2019 1,600,000
Allocation to Partners:
Dulay Sandoval Ramel Total
Annual Salaries 400,000 350,000 300,000 1,050,000
Interest on Balances 144,000 90,000 60,000 294,000
Remaining balances 128,000 76,800 51,200 256,000
Total Distributed 672,000 516,800 411,200 1,600,000

2.) Income Summary 1,600,000

Dulay, CapitaL 672,000
Sandoval, Capital 516,800
Ramel, Capital 411,200

3.) Dulay Sandoval Ramel

January 1,2019 balances 1,200,000 750,000 500,000
Share in income 672,000 516,800 411,200
Withdrawals during 2018 -500,000 -400,000 -350,000
December 31, 2019 balances 1,372,000 866,800 561,200

4.) a.) Cash 2,900,000

Non-Cash Assets 2,740,000
Gain on Sale of Non-Cash Assets 160,000

b.) Gain on Sale of Non-Cash Assets 160,000

Dulay, Capital 80,000
Sandoval, Capital 48,000
Ramel, Capital 32,000

c.) Liabilities 400,000

Cash 400,000

d,) Dulay, Capital 1,452,000

Sandoval, Capital 914,800
Ramel, Capital 593,200
Cash 2,960,000