i need JOURNAL ENTRIES, a, b, and schedule of liquidation. Problem 3liquidation of the partnershipetow is the balance sheet of Gold Ace Company immediately prior to theP500,000.001,900,000.00P2,400,000.00CashNon-cash assetsTotalLiabilitiesP1,100,000.00CapitalSalazar480,000 00320,000.00500,000.00P2,400,000.00NenublaGomezTotalThe partners share profits and losses in the ratio 50%, 30%, 20%. It isassumed that Salazar and Gomez have personal assets which are sufficient inamount to make good" capital debit balances which may be created during theliquidation process. The non-cash assets of the partnership are realized in theamount of P600,000,00. Give the schedule of liquidation and the correspondingjournal entries assuming a) nothing is realized from the three partners, b) capitalđeficiencies are paid.

Statement of liquidation shows the net cash available to pay the creditors and the partners.

Delow is the balance sheet of Gold Ace Company immediately liquidation of the partnership: P500,000.00 1,900,000.00 P2,400,000.00 Cash Non-cash assets Total Liabilities P1,100,000.00 Capital Salazar 480,000.00 320,000.00 500,000.00 P2,400,000.00 Nenubla Gomez Total The partners share profits and losses in the ratio 50%, 30%, 20%. It is ssumed that Salazar and Gomez have personal assets which are sufficient ir mount to "make good" capital debit balances which may be created during the quidation process. The non-cash assets of the partnership are realized in the mount of P600,000,00. Give the schedule of liquidation and the corresponding ournal entries assuming a) nothing is realized from the three partners; b) capita Leficiencies are paid.

Delow is the balance sheet of Gold Ace Company immediately liquidation of the partnership: P500,000.00 1,900,000.00 P2,400,000.00 Cash Non-cash assets Total Liabilities P1,100,000.00 Capital Salazar 480,000.00 320,000.00 500,000.00 P2,400,000.00 Nenubla Gomez Total The partners share profits and losses in the ratio 50%, 30%, 20%. It is ssumed that Salazar and Gomez have personal assets which are sufficient ir mount to "make good" capital debit balances which may be created during the quidation process. The non-cash assets of the partnership are realized in the mount of P600,000,00. Give the schedule of liquidation and the corresponding ournal entries assuming a) nothing is realized from the three partners; b) capita Leficiencies are paid.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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