The statement of financial position for. Paraiso and Ligeralde Partnership on June 1, 2016 before liquidation is as follows: Assets Liabilities & Capital P 50,000 550,000 Cash 'P 200,000 225,000 175,000 P 600,000 Liabilities Other Assets Paraiso, capital Ligeralde, capital Total Liabilities & Capital Total Assets P 600,000 Partners Paraiso and Ligeralde share profits and losses 60:40, respectively. In June, assets with a book value of P220,000 were sold for P180,000, creditors were paid in full, and P20,000 was paid to partners. In July, assets with book value of P100,000 were sold for P120,000, liquidation expenses of P5,000 were paid and cash of P125,000 was paid to partners. In August, the remaining assets were sold for P225,000. REQUIRED: 1. PREPARE A STATEMENT OF LIQUIDATION USING SCHEDULE OF SAFE PAYMENTS.

The statement of financial position for. Paraiso and Ligeralde Partnership on June 1, 2016 before liquidation is as follows: Assets Liabilities & Capital P 50,000 550,000 Cash 'P 200,000 225,000 175,000 P 600,000 Liabilities Other Assets Paraiso, capital Ligeralde, capital Total Liabilities & Capital Total Assets P 600,000 Partners Paraiso and Ligeralde share profits and losses 60:40, respectively. In June, assets with a book value of P220,000 were sold for P180,000, creditors were paid in full, and P20,000 was paid to partners. In July, assets with book value of P100,000 were sold for P120,000, liquidation expenses of P5,000 were paid and cash of P125,000 was paid to partners. In August, the remaining assets were sold for P225,000. REQUIRED: 1. PREPARE A STATEMENT OF LIQUIDATION USING SCHEDULE OF SAFE PAYMENTS.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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