[mnfhcng]

The December 31, 2009 ledger balances of Reyes, Samson and Toledo, who share profits and losses, 50%, 25%, 25% respectively, appear as follows:

Cash P19,000
Acc Rec 197,000
Allow for Uncollectible Accounts P6,000
Accounts Payable 77,000
Toledo, Loan 9,000
Salary payable to Reyes 6,000
Reyes, Capital 50,000
Samson, Capital 28,000
Toledo, Capital 40,000

At this date, the firm decided to liquidate and the ensuing activities are:

Cash collections from customers P112,000 P36,000 P35,000
Payments in full settlement
Of liabilities 38,000 38,000 -
Liquidation expense 4,400 2,800 4,000
Cash payment to partners 16,000 19,800 remainder

Instructions:
1. Prepare the journal entries to record the liquidation of the partnership.
2. Prepare a statement of liquidation with supporting schedules of cash distributions to partners.

[JudyKayTee]

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[divinelopez68]

You asking the answer on your book? I think accounting student would answer that kind of question.