The following balances were taken from the book of TIWALA-LANG Partnership as of July 1, 2018...

 

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The following balances were taken from the book of TIWALA-LANG Partnership as of July 1, 2018 when the partnership decided to liquidate: P 20,000 60,000 90,000 185,500 10,000 15,500 3,000 122,000 130,000 40,000 35,000 Cash Accounts Receivable Furniture & Fixtures Equipment Accounts Payable Notes Payable Payable, Lang Ting, Capital WAng, Capital LAy-at, Capital Lang, Capital Profit and loss ratio is 2:2:3:3, respectively, Cash is distributed to partners as it becomes available. Non-cash assets were sold for P200,000 during the liquidation process with liquidation cost amounting to P3,000. Assume that Ting and WAng are solvent and LAy-at and LAng are insolvent. REQUIRED: Prepare the following: A. STATEMENT OF LIQUIDATION B. Corresponding JOURNAL ENTRIES The following balances were taken from the book of TIWALA-LANG Partnership as of July 1, 2018 when the partnership decided to liquidate: P 20,000 60,000 90,000 185,500 10,000 15,500 3,000 122,000 130,000 40,000 35,000 Cash Accounts Receivable Furniture & Fixtures Equipment Accounts Payable Notes Payable Payable, Lang Ting, Capital WAng, Capital LAy-at, Capital Lang, Capital Profit and loss ratio is 2:2:3:3, respectively, Cash is distributed to partners as it becomes available. Non-cash assets were sold for P200,000 during the liquidation process with liquidation cost amounting to P3,000. Assume that Ting and WAng are solvent and LAy-at and LAng are insolvent. REQUIRED: Prepare the following: A. STATEMENT OF LIQUIDATION B. Corresponding JOURNAL ENTRIES

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Realisation Ac Particulars Amount Particulars Amount Accounts Receivable 60000 Accounts ... View the full answer