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Statement of Liquidation

The statement summarizes the liquidation of a partnership as of January 1, 2020. It shows that after selling non-cash assets for ₱28,125 and incurring ₱1,875 in expenses, there was a loss on realization of ₱26,250. All outside creditors were paid ₱33,750 and inside creditors were paid ₱5,000, leaving ₱5,000 available for distribution. This was used to pay partner Linda's deficit. The remaining partners (Jackie, Karla, and Linda) each received final payments based on their share of the original capital contribution.

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Sherilyn Bunag
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273 views2 pages

Statement of Liquidation

The statement summarizes the liquidation of a partnership as of January 1, 2020. It shows that after selling non-cash assets for ₱28,125 and incurring ₱1,875 in expenses, there was a loss on realization of ₱26,250. All outside creditors were paid ₱33,750 and inside creditors were paid ₱5,000, leaving ₱5,000 available for distribution. This was used to pay partner Linda's deficit. The remaining partners (Jackie, Karla, and Linda) each received final payments based on their share of the original capital contribution.

Uploaded by

Sherilyn Bunag
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Statement of Liquidation

January 1, 2020

Assets Lia
Liabilities to
Cash Non-cash
Creditors
Balances before realization ₱ 12,500.00 ₱ 112,500.00 ₱ 33,750.00
Loss on realization 26,250.00 - 112,500.00
38,750.00 - 33,750.00
Paid to outside creditors 33,750.00 33,750.00
5,000.00 -
Paid to inside creditors
5,000.00
Share on Linda's Deficit
Available Cash for Distribution ₱ 5,000.00
Payment to partners - 5,000.00
- - -

Cash received for non-cash assets sold 28,125.00


Liquidation expenses 1,875.00
26,250.00
t of Liquidation
ary 1, 2020

Liabilities and Equity


Loan Payable - Jackie, Capital Karla, Capital Linda, Capital
Linda (50%) (30%) (20%)
₱ 3,750.00 ₱ 45,000.00 ₱ 30,000.00 ₱ 12,500.00
- 43,125.00 - 25,875.00 - 17,250.00
3,750.00 1,875.00 4,125.00 - 4,750.00

3,750.00 1,875.00 4,125.00 - 4,750.00


- 3,750.00 3,750.00
- 1,875.00 4,125.00 - 1,000.00
- 625.00 - 375.00 1,000.00
₱ 1,250.00 ₱ 3,750.00 ₱ -
- 1,250.00 - 3,750.00
- - - -

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