1. Hanly, Ide and Jen's partnership was dissolved. By August 1, 2006, all assets had been converted to cash and all of the partnership's liabilities had been paid. The balance sheet of the company as of August 1, 2006 (with the percentages of participation in the residual profits and losses of the partners) was as follows:

2. Money

   ps

   50,000

   Hanly, capital(30%)

   ps

   4,000

   Gone, Capital(20%)

   (60,000)

   Jen, capital(50%)

   106,000

   total assets

   ps

   50,000

   full equity

   ps

   50,000

   The value of the personal assets and liabilities of the partners as of August 1, 2006 was as follows:

   Mr

   idea

   Jen

   Personal property

   ps

   74.000

   ps

   120,000

   ps

   56,000

   personal liabilities

   72,000

   80.000

   60.000

3. Required:
Prepare the final declaration of liquidation of the company.

Identify 3 advantages and 3 disadvantages of a partnership.

Answer rating: 100% (QA)

1 Calculations Given data Cash in Hand Total Assets 50000 Hanlys Capital 30 4000 Gones Capital 20 60000 Negative value indicates a deficit Jens Capita... View the full answer