settlement: The books of STU Partnership, which is undergoing liquidation, showed the following just before final...

  

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settlement: The books of STU Partnership, which is undergoing liquidation, showed the following just before final P160,000 P240,000 Cash Noncash assets T, Capital (20%) U, Capital (40%) P200,000 PO P120,000 P80,000 1. If all partners are personally solvent, how much cash would S receive? 2. If all partners are personally insolvent, how much cash would S receive? 3. If all partners are personally solvent only up to P100,000, how much cash would S receive? 4. If T is personally insolvent while S and U are personally solvent, how much cash would S receive? Liabilities S, Capital (40%) Problem 2. VW Partnership is undergoing liquidation Partners V and W share profits and losses equally. All assets were sold which resulted in a loss of P60,000. The partnership also paid P80,000 liquidation expenses and P90,000 liabilities to outsiders. Partner V received P270,000 in settlement of her capital. 5. How much was V's capital just before commencement of liquidation? 6. If W's capital before liquidation was P100,000, then how much was total cash distributed to partners? Problem 3. A partner who receives 50% of the profits of the company was distributed P240,000 cash in partial settlement of his interest. That partner's interest in the partnership amounted to P800,000 after his share in the loss on realization of some non-cash assets and after his share in the liquidation expenses paid by the partnership. 7. How much was maximum possible loss of the partnership? 8. If the partnership had unsettled liability to outsiders in the amount of P500,000, and it also had unsold moncash assets with book value of P1,000,000, then how much was anticipated expenses of the partnership, if any? 9. If the partnership had unsettled liability to outsiders in the amount of P500,000, and it also had unsold roncash assets with book value of P1,000,000, then how much cash should be withheld by the partnership, if any? Problem 4. Intel Company is being liquidated. The trustee has determined that the unsecured claims will receive P0.35 on the peso. Advanced Company holds a P1,000,000 mortgage note receivable from Intel Company that is secured by trading securities with P750,000 carrying value having a market value of P820,000. 10. How much will Advanced Company expects to recover from Intel? Problem 5. The Statement of Affairs of Three-Ten Company contained the following relevant information: 1,500,000 800,000 900,000 200,000 1,000,000 1,500,000 1,300,000 Assets pledged with fully secured creditors Assets pledged with partially secured creditors Free Assets Liabilities with priority Fully secured liabilities Partially secured liabilities Unsecured creditors without priority 11. The estimated deficiency to unsecured claims is? 12. What is the percentage of recovery of partially secured liabilities? Problem 6. Sett's Corporation was forced into bankruptcy and is in the process of liquidating assets and paying claims. Unsecured claims will be paid at the rate of thirty cents on the peso. Ashe holds a note receivable from Sett for P90,000 collateralized by an asset with a book value of P60,000 and a liquidation value of P30,000. 13. The total amount to be realized by Ashe on this note is: settlement: The books of STU Partnership, which is undergoing liquidation, showed the following just before final P160,000 P240,000 Cash Noncash assets T, Capital (20%) U, Capital (40%) P200,000 PO P120,000 P80,000 1. If all partners are personally solvent, how much cash would S receive? 2. If all partners are personally insolvent, how much cash would S receive? 3. If all partners are personally solvent only up to P100,000, how much cash would S receive? 4. If T is personally insolvent while S and U are personally solvent, how much cash would S receive? Liabilities S, Capital (40%) Problem 2. VW Partnership is undergoing liquidation Partners V and W share profits and losses equally. All assets were sold which resulted in a loss of P60,000. The partnership also paid P80,000 liquidation expenses and P90,000 liabilities to outsiders. Partner V received P270,000 in settlement of her capital. 5. How much was V's capital just before commencement of liquidation? 6. If W's capital before liquidation was P100,000, then how much was total cash distributed to partners? Problem 3. A partner who receives 50% of the profits of the company was distributed P240,000 cash in partial settlement of his interest. That partner's interest in the partnership amounted to P800,000 after his share in the loss on realization of some non-cash assets and after his share in the liquidation expenses paid by the partnership. 7. How much was maximum possible loss of the partnership? 8. If the partnership had unsettled liability to outsiders in the amount of P500,000, and it also had unsold moncash assets with book value of P1,000,000, then how much was anticipated expenses of the partnership, if any? 9. If the partnership had unsettled liability to outsiders in the amount of P500,000, and it also had unsold roncash assets with book value of P1,000,000, then how much cash should be withheld by the partnership, if any? Problem 4. Intel Company is being liquidated. The trustee has determined that the unsecured claims will receive P0.35 on the peso. Advanced Company holds a P1,000,000 mortgage note receivable from Intel Company that is secured by trading securities with P750,000 carrying value having a market value of P820,000. 10. How much will Advanced Company expects to recover from Intel? Problem 5. The Statement of Affairs of Three-Ten Company contained the following relevant information: 1,500,000 800,000 900,000 200,000 1,000,000 1,500,000 1,300,000 Assets pledged with fully secured creditors Assets pledged with partially secured creditors Free Assets Liabilities with priority Fully secured liabilities Partially secured liabilities Unsecured creditors without priority 11. The estimated deficiency to unsecured claims is? 12. What is the percentage of recovery of partially secured liabilities? Problem 6. Sett's Corporation was forced into bankruptcy and is in the process of liquidating assets and paying claims. Unsecured claims will be paid at the rate of thirty cents on the peso. Ashe holds a note receivable from Sett for P90,000 collateralized by an asset with a book value of P60,000 and a liquidation value of P30,000. 13. The total amount to be realized by Ashe on this note is:

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Problem 1 STU Partnership Liquidation 1 If all partners are personally solvent how much cash would S receive Determine how much cash S would receive Total Cash Available Cash Noncash assets Liabilitie... View the full answer