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NAME: SCORE: SECTION: PROFESSOR: Problem #15 Installment Liquidation: Cash Priority Program The assets and equities of the Perdales, Ceballus and Bandonell partnership at the end of its fiscal year ended Oct. 31, 2016 are as follows: Assets Equities, Cash P 15,000 Liabilities P 50,000 Receivable-net 20,000 Loan from Bandonell 10,000 Inventory 40,000 Perdales, Capital (30%) 45,000 Property and Equipment 70,000 Ceballus, Capital (50%) 30,000 Loan to Ceballus 5,000 Bandonell, Capital (20%) 15,000 P150,000 P150,000 The partners decided to liquidate the partnership. They estimated that the non-cash assets, other than the loan to Ceballus, can be converted into P100,000 cash over the two-month period ending Dec. 31, 2016. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process. Required: 1. The partner most vulnerable to partnership losses on liquidation is: a. Perdales b. Bandonell c. Ceballus d. Ceballus and Perdales equally 2. If P65,000 is available for the first distribution, it should be paid to Priority Creditors Perdales Ceballus Bandonell P 5,000 P P P60,000 0 0 12,000 0 50,000 3,000 60,000 1,500 2,500 1,000 50,000 5,000 10,000 3. If a total amount of P7,500 is available for distribution to partners after all outside liabilities are paid, it should be paid as follows: Perdales Ceballus Bandonell P7,500 0 P 0 a. b. 3,750 3,750 C. 2,250 3,750 1,500 d 2,500 2,500 2,500 Liquidation | 227