Ctrl QUIZ NO. 18 NAME YEAR SECTION SCORE DATE The following balances were taken from the book of JACK Partnership as of July 1, 2015 when the partnership decided to liquidate: Accounts Receivable, net Furniture & Fixtures, net Equipment, net Accounts Payable Notes Payable Jose, Capital Adrian, Capital Connie, Capital Kelly Capital P. 50,000 200,000 250,000 100,000 75,000 60,000 80,000 90,000 95,000 Profit and loss ratio is 2:2:1:1, respectively. Cash is distributed to partners as it becomes available. The liquidation process took three months to finish: Sales Proceeds July P44,000 Assets sold Accounts Receivable Liquidation Cost paid Liabilities Paid Cash reserve for Liquidation costs P 2,500 P 1,500 Note to PNB,P40,000 Aug 150,000 Sept 200,000 Furniture & Fixtures Equipment 2,500 Note tosupplier.P35,000 5,000 4,000 Accts Payable,P100,000 STATEMENT OF LIQUIDATION Month Cash Non-Cash Liabilities Jack July balances Adrian Connie Kelly Sale 351