W- PLQ Q Search in Document Home Insert Draw Design Layout References Mailings Review View '+ Share ~ Verdana 12 A- AV AV A AaBbCcDdEe AaBbCcDdEe AaBbCcDc AaBbCcDdEE AaBb( AaBbCcDdEE 1 Normal No Spacing Heading 1 Heading 2 Title Subtitle Styles Paste B I U . abe X2 X2 A & A. Pane Problem EEE Partnership has decided to liquidate as of December 1, 2011. The Statement of Financial Position as of this date follows: EEE Partnership Statement of Liquidation December 1, 2011 ASSETS LIABILITIES & CAPITAL Cash 25,000 Accounts payable 240,000 Accounts receivable (net) 75,000 Empoy, Loan 30,000 Inventory 100,000 Estoy, Capital 120,000 Plant and Equipment (net) 300,000 Empoy, Capital 50,000 Eloy, Capital 60,000 500,000 500,000 ADDITIONAL INFORMATION: 1) The personal assets (excluding partnership capital and loan interest) and personal liabilities of the partners as of December 1, 2011 are as follows: ESTOY EMPOY ELOY Personal assets 250,000 P300,000 P350,000 Personal liabilities (230,000) (240,000) (325,000) Personal net worth P 20.000 P 60.000 P 25.000 2) Estoy, Empoy, and Eloy share profits and losses in the ratio of 20:40:40. 3) All non-cash assets were sold on December 10, 2011 for P260,000. REQUIRED: a. Prepare a Statement of Liquidation b. Prepare the journal entries to record the liquidation of the partnership c. Prepare a schedule showing how the partners' personal assets are to be distributed Page 1 of 1 129 words x English (United States) Focus E + 109%