The assets and equities of the Perdales, Ceballus and Bandonell partnership at the end of its fiscal year ended Oct. 31, 2019 are as follows: Assets Equities Cash P15,000 Liabilities P50,000 Receivable-net 20,000 Loan from Bandonell 10,000 Perdales, Capital (30%) Ceballus, Capital (50%) Inventory 40,000 45,000 Property and Equipment 70,000 30,000 15,000 P150,000 The partners decided to liquidate the partnership. They estimated that the non-cash assets, other than the loan to Ceballus, can be converted into P100,000 cash over the two-month Loan to Ceballus 5,000 P150,000 Bandonell, Capital (20%) period ending Dec. 31, 2019. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process. If the total amount of P7,500 is available for distribution to partners after all outside liabilities are paid, it should be paid as follows: Perdales P7,500, Ceballus PO, Bandonell PO Perdales PO, Ceballus P3,750, Bandonell P3,750 Perdales P2,250, Ceballus P3,750, Bandonell P1,500 Perdales P2,500, Ceballus P2,500, Bandonell P2,500

The assets and equities of the Perdales, Ceballus and Bandonell partnership at the end of its fiscal year ended Oct. 31, 2019 are as follows: Assets Equities Cash P15,000 Liabilities P50,000 Receivable-net 20,000 Loan from Bandonell 10,000 Perdales, Capital (30%) Ceballus, Capital (50%) Inventory 40,000 45,000 Property and Equipment 70,000 30,000 15,000 P150,000 The partners decided to liquidate the partnership. They estimated that the non-cash assets, other than the loan to Ceballus, can be converted into P100,000 cash over the two-month Loan to Ceballus 5,000 P150,000 Bandonell, Capital (20%) period ending Dec. 31, 2019. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process. If the total amount of P7,500 is available for distribution to partners after all outside liabilities are paid, it should be paid as follows: Perdales P7,500, Ceballus PO, Bandonell PO Perdales PO, Ceballus P3,750, Bandonell P3,750 Perdales P2,250, Ceballus P3,750, Bandonell P1,500 Perdales P2,500, Ceballus P2,500, Bandonell P2,500

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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