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Partnership Liquidation Lump Sum - Seat Work

The document provides a condensed balance sheet for QRS Partnership before liquidation. It lists assets of $108,000 including $24,000 cash and $84,000 non-cash assets. Liabilities are $12,000 and partner capital amounts to $96,000 with 30% for Q, 50% for R, and 20% for S. The required statement of liquidation must be prepared assuming the non-cash assets are realized at $96,000, $48,000 and $36,000, also providing personal asset and liability amounts for each partner.

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William Lanzuela
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294 views1 page

Partnership Liquidation Lump Sum - Seat Work

The document provides a condensed balance sheet for QRS Partnership before liquidation. It lists assets of $108,000 including $24,000 cash and $84,000 non-cash assets. Liabilities are $12,000 and partner capital amounts to $96,000 with 30% for Q, 50% for R, and 20% for S. The required statement of liquidation must be prepared assuming the non-cash assets are realized at $96,000, $48,000 and $36,000, also providing personal asset and liability amounts for each partner.

Uploaded by

William Lanzuela
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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I – Statement of Liquidation – Lump-sum

Assume the following data for QRS Partnership had the following condensed balance sheet just before liquidation
on November 1, 20x4, reports the following balances:

Assets Liabilities and Capital


Cash . . . . . . . . . . . . . . . . . . . . . . . P 24,000 Liabilities . . . . . . . . . . . . . . . . . . P 12,000
Noncash assets . . . . . . . . . . . . . . 84,000 Q, loans . . . . . . . . . . . . . . . . . . 2,400
Q, capital(30%) . . . . . . . . . . . . 9,600
R, capital (50%) . . . . . . . . . . . . 48,000
________ S, capital (20%) . . . . . . . . . . . . 36,000
P108,000 P108,000

Required: Prepare statement of liquidation, assuming:


1. The noncash assets were realized at P96,000.
2. The noncash assets were realized at P48,000.
3. The noncash assets were realized at P36,000. The personal assets and liabilities of the partners on this date
are as follows:
Personal Assets Partnership Liabilities
Q………………………………… P 288,000 P240,000
R…………………………………. 216,000 228,000
S…………………………………. 108,000 108,000

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