Question #7: Due to the fact that the partnership had been unprofitable for the past several years, A, B, C, and D decided to liquidate their partnership. The partners share profits and losses in the ratio of 30:30:20:20, respectively. The following balance sheet was prepared immediately before the liquidation process began: Cash Other Assets Total Assets ABCD A B C D Partnership Balance Sheet $100,000 550,000 $650,000 The personal status of each partner is as follows: Personal Assets $175,000 100,000 400,000 60,000 Liabilities A, Capital B, Capital C, Capital D, Capital OTHER CASH ASSETS LIABILITIES $100,000 $550,000 $450,000 Total Lia & Equities Personal Liabilities $ 120,000 140,000 160,000 70,000 30 A 75,000 (urm) B $450,000 75,000 60,000 40,000 25,000 $450,000 5-5,000 (40,000) = 240,000 The partnership's other assets are sold for $200,000 cash. The partnership operates in a state which has adopted the Uniform Partnership Act. (10,000) Required: A. Complete the following schedule…

Problem 2. During liquidation, the Partnership of Pateno, Bautista and Apalisoc became insolvent. On Jan. 17, 2021, after all non-cash assets had been realized and all available cash had been distributed to creditors, the statement of financial position of the partnership is as follows: Liabilities and Partners' Capital: Accounts payable - Trade P60,000 120,000 Pateno, Capital Bautista, Capital -160,000 Apalisoc, Capital -20,000 P-0- Total liabilities & partners' capital The partners share profits and losses (including gains and losses in liquidaion) in the ratio 20%, 50% and 30%, respectively. On Jan. 17, 2021, the personal financial positions of the partners were as shown below: Partner Assets Liabilities Pateno P60,000 P80,000 Bautista 280,000 200,000 Apalisoc 250,000 240,000 Required: Determine the receipt of cash from Bautista and Apalisoc, the appropriate distribution of cash, and the completion of the partnership liquidation.

Chapter 16 4. The partnership of Xavier, Yarnell and Zablicki have decided to liquidate their partnership. At the time, the partners share income and loss in the ratio of 2:2:6. No partner can make any payments into the partnership. The partnership sold the noncash assets for $20,000. A. Complete the liquidation schedule below Marshalling of Assets - Simple Liquidation Noncash Y, Beginning balances Sell noncash assets Pay creditors Offset loan Allocated deficit Beginning balances Sell noncash assets Pay creditors Payment to partners B. Now assume the noncash assets were sold for $16,000. Complete the liquidation schedule below Marshalling of Assets - Simple Liquidation Offset loan Allocated deficit Cash Assets Liabilities $5,000 $40,000 $15,000 Payment to partners Cash $5,000 Noncash Assets $40,000 X Y, Loan Capital Capital $2,000 $12,000 $1,000 Liabilities $15,000 Y, Loan X₂ Capital $2,000 $12,000 Y, Capital Z₂ Capital $15,000 $1,000 Z, Capital $15,000