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…

Multiple Choice A, B, and C decided to liquidate their partnership. Non-cash assets were sold for $128,000, and all the creditors were paid. Profit sharing ratios were: 20%, 30%, and 50%, respectively. Balances in each capital account before and after the sale follow:   A B C Before the sale 48,000 12,000 62,000 After the sale 32,800 10,800 24,000 The carrying amount of the assets sold is: a. 60,400 b. 182,400 c. 195,600 d. 204,000

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.