KKG Partnership established by Kris, Ken and Gres has been agreed to be liquidated as of January
Question:
KKG Partnership established by Kris, Ken and Gres has been agreed to be liquidated as of January 1, 2017. Financial position shortly before liquidation as follows (in thousands of rupiah):
Cash160.000
Liabilities 200.000
Inventory 440.000
Loan from Gres 100.000
Plant Assets 1.000.000
Kris\'s Capital (40%) 500.000
Other Assets 400.000
Ken\'s Capital (30%) 600.000
Gres\'s Capital (30%) 600.000
Total 2.000.000
Total 2.000.000
The liquidation process is carried out gradually for three months, namely:
January : Plant assets with a book value of Rp 600,000,000 sold for Rp 480,000,000
February : Supplies are sold for Rp 500,000,000.
All existing cash is distributed unless Rp 10,000,000 is withheld for expenses
Liquidation. Liquidation fees will be paid in March.
March : The remaining plant assets are sold for Rp 340,000,000 and other assets are sold for Rp420.000.000
Requested: Make a Statement of Liquidation and its safe payment schedule.
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Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward