How much must the partnership realize on the sale of its assets if Halili is to...

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How much must the partnership realize on the sale of its assets if Halili is to receive P10,000 as final settlement? If Halili receives toatal P3,200 in cash, how much will Jacinto have receives at this point? If Halili is personally insolvent and Ibanez receives a total of P1,800 in final liquidation of the firm, what was the partnership loss on liquidation? On January 1, 2014, partners Kho, Lagman and Magno decided to liquidate their partnership. Prior to the liquidation, the partners has cash of P12,000, non-cash assets of P146,000, liabilities to outsides of P36,000 and a note payable of Partner MAgno of P14,000. The capital balances of the partners share profits and losses in the ration of 3:3:4 respectively. During January 2014, the partnership received a cash of P30,000 from the sales of assets with a book value of P38,000 and paid P3,600 of liquidation expenses. During February, the partnership realized P44,000 from the sales of assets with a book value of P35,000 paid liquidation expenses of P8,400. During March, the remaining assets were sold for P36,000. The partners agreed to distribute cash at the end of each month Instructions: 1. Prepare a cash priority program. 2. Prepare a statement of liquidation. 3. Prepare the necessary journal entries to record the liquidation process. How much must the partnership realize on the sale of its assets if Halili is to receive P10,000 as final settlement? If Halili receives toatal P3,200 in cash, how much will Jacinto have receives at this point? If Halili is personally insolvent and Ibanez receives a total of P1,800 in final liquidation of the firm, what was the partnership loss on liquidation? On January 1, 2014, partners Kho, Lagman and Magno decided to liquidate their partnership. Prior to the liquidation, the partners has cash of P12,000, non-cash assets of P146,000, liabilities to outsides of P36,000 and a note payable of Partner MAgno of P14,000. The capital balances of the partners share profits and losses in the ration of 3:3:4 respectively. During January 2014, the partnership received a cash of P30,000 from the sales of assets with a book value of P38,000 and paid P3,600 of liquidation expenses. During February, the partnership realized P44,000 from the sales of assets with a book value of P35,000 paid liquidation expenses of P8,400. During March, the remaining assets were sold for P36,000. The partners agreed to distribute cash at the end of each month Instructions: 1. Prepare a cash priority program. 2. Prepare a statement of liquidation. 3. Prepare the necessary journal entries to record the liquidation process.

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1 Cash Priority Program The cash priority program outlines the distribution of available cash during the liquidation process The order of priority typ... View the full answer