The condensed balance sheet of Alex, Jay, and John as of March 31, 2006 follows: P 28,000 265,000 43. Cash Other assets Liabilities Alex, capital Jay, capital John, capital Total P 48,000 95,000 80,000 70,000 P 293,000 Total P293,000 The income and loss ratio is 50:25:25, respectively. The partners voted to dissolve their partnership and liquidate by selling other assets in installments. P70,000 was realized on the first cash sale of other assets with a book value of P150,000. After settlement with creditors, all cash available was distributed to the partners. How much cash was received by John? a P10,500 by 20,000 21,250 32,500

S The following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Gulian, loan Total assets $ 94,000 820,000 45,000 $ 959,000 Beginning balances Sold assets Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments Required: The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $110,000. Prepare a proposed schedule of liquidation at this point in time. Note: Amounts to be deducted should be entered with a minus sign. Accounts payable Zahiri, loan Gulian, capital Singh, capital Zahiri, capital Total liabilities and capital GULIAN, SINGH, AND ZAHIRI Proposed Schedule of Liquidation $ $ Cash 0 0 Other Assets $ $ 0 0 Accounts Payable $ $ 0 0 Gulian, Loan and Capital $ $ 0 $ 24,000 55,000 390,000 250,000 240,000 $ 959,000 0 Singh, Capital $ $ Zahiri, Loan & Capital 0 $ 0 $ 0 0

Required Information [The following information applies to the questions displayed below.] The Fleld, Brown & Snow partnership was begun with Investments by the partners as follows: Field, $131,700; Brown, $165,600; and Snow. $153,700. The partners decide to liquidate, sharlng all losses equally. On May 31, after all assets were sold and all creditors were pald, only $43,900 in partnership cash remalned. 1. Compute the capital account balance of each partner after the liquldation of assets and payment of creditors. (Losses and negative capital balances, If any. should be entered with a minus sign.) Field Brown Snow Total Initial investments Allocation of gains (losses) Capital balances

R.Patel, D. Amo, and S. Adams have operated their partnership for several years, sharing income and loss equally. The partners decide to liquidate. Immediately prior to the final distribution of cash, the account balances are: Cash, $21,000; R. Patel, Capital, $12,000; D Arno, Capital, $23,000; S. Adams, Capital, $(14,000). Assume that Adams cannot pay any capital deficiency owed to the partnership. In the final distribution of cash, Patel and Arno will each receive: ITEMS Item #1 Item #2 R. Patel D. Amo