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-   -   Installment Liquidation: Schedule of Safe payments (https://www.askmehelpdesk.com/showthread.php?t=820892)

  • Jan 24, 2016, 08:28 AM
    mrrsmggd
    Installment Liquidation: Schedule of Safe payments
    e statement of financial position for paraiso and ligeralde partnership on jun 1, 2009 before liquidation is as follows:
    assets
    cash 50,000
    other assets 550,000
    liabilities and capital
    liabilities 200,000
    paraiso, capital 225,000
    ligeralde, capital 175,000

    partners paraiso and ligeralde share profits and losses 60:40, respectively. In June, assets with book value 220,000 were sold 180,000, creditors were paid in full, and 20,000 was paid to partners. In July, assets with book value of 100,000 were sold 120,000, liquidation expenses of 5,000 were paid and cash of 125,000 was paid to partners. In August, the remaining assets were sold 225,000.

    required:
    1. how much cash should ligeralde receive in June?
    2. how much cash should paraiso receive in July?
    3. how much cash should ligeralde and paraiso receive in August?
  • Jan 24, 2016, 08:37 AM
    Curlyben
    What do YOU think ?
    While we're happy to HELP we wont do all the work for you.
    Show us what you have done and where you are having problems..
  • Jan 24, 2016, 02:17 PM
    ma0641
    You have some work to do. Remember, this is a HELP, not DO desk.

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