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    Partnership Liquidation

    Uploaded by

    Herlyn Juvelle Sevilla
    The document summarizes the profits, capital contributions, drawings, and liquidation of Dulay, Sandoval, and Ramel Partnership for the years 2019-2021. It shows that the partnership had a total profit of $1.6 million which was distributed to the partners in the ratio of 5:3:2. Upon liquidation in 2021, the partnership had assets of $2.74 million and liabilities of $400,000. After paying liabilities and realizing assets, the remaining $2.96 million was distributed to the partners based on their capital balances, with Dulay receiving $1.452 million, Sandoval receiving $914,800, and Ramel receiving $593,200.

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    © All Rights Reserved
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    Partnership Liquidation

    Uploaded by

    Herlyn Juvelle Sevilla
    4K views4 pages
    The document summarizes the profits, capital contributions, drawings, and liquidation of Dulay, Sandoval, and Ramel Partnership for the years 2019-2021. It shows that the partnership had a total profit of $1.6 million which was distributed to the partners in the ratio of 5:3:2. Upon liquidation in 2021, the partnership had assets of $2.74 million and liabilities of $400,000. After paying liabilities and realizing assets, the remaining $2.96 million was distributed to the partners based on their capital balances, with Dulay receiving $1.452 million, Sandoval receiving $914,800, and Ramel receiving $593,200.

    Original Description:

    accounting for partnership and corporation by baysa and lupisan

    Original Title

    partnership liquidation

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    © © All Rights Reserved

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    The document summarizes the profits, capital contributions, drawings, and liquidation of Dulay, Sandoval, and Ramel Partnership for the years 2019-2021. It shows that the partnership had a total profit of $1.6 million which was distributed to the partners in the ratio of 5:3:2. Upon liquidation in 2021, the partnership had assets of $2.74 million and liabilities of $400,000. After paying liabilities and realizing assets, the remaining $2.96 million was distributed to the partners based on their capital balances, with Dulay receiving $1.452 million, Sandoval receiving $914,800, and Ramel receiving $593,200.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    4K views4 pages

    Partnership Liquidation

    Uploaded by

    Herlyn Juvelle Sevilla
    The document summarizes the profits, capital contributions, drawings, and liquidation of Dulay, Sandoval, and Ramel Partnership for the years 2019-2021. It shows that the partnership had a total profit of $1.6 million which was distributed to the partners in the ratio of 5:3:2. Upon liquidation in 2021, the partnership had assets of $2.74 million and liabilities of $400,000. After paying liabilities and realizing assets, the remaining $2.96 million was distributed to the partners based on their capital balances, with Dulay receiving $1.452 million, Sandoval receiving $914,800, and Ramel receiving $593,200.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 4

    Name: Herlyn Juvelle L.

    Sevilla
    Course & Section: BSA - 1B

    Dulay, Sandoval and Ramel


    December 31,2020
    Profit= 1600000

    Dulay Sandoval
    Salaries 400,000.00 350,000.00
    Interest (12%) 144,000.00 90,000.00
    Balance 256,000.00
    Ratio 5:3:2 128,000.00 76,800.00
    Profit 672,000.00 516,800.00

    Dulay Sandoval Ramel


    Capital, Jan 1, 2019 1,200,000.00 750,000.00 500,000.00
    Profit 672,000.00 516,800.00 411,200.00
    Total 1,872,000.00 1,266,800.00 911,200.00
    Drawings 500,000.00 400,000.00 350,000.00
    Total 1,372,000.00 866,800.00 561,200.00

    Dulay, Sandoval and Ramel Partnership


    Statement of Liquidation
    December 31, 2021

    Cash Non-cash Assets Liabilities


    Balances before Liquidation 460,000 2,740,000 400,000
    Realization 2,900,000 (2,740,000)
    Balances 3,360,000 0 400,000
    Payment of Liabilities (400,000) (400,000)
    Balances 2,960,000 0
    Payment to Partners (2,960,000)

    Dr
    Realization Cash 2,900,000
    Non-cash Assets
    Dulay, Capital
    Sandoval, Capital
    Ramel, Capital

    Payment of Liabilities Liabilities 400,000


    Cash
    Payment to Partners Dulay, Capital 1,452,000
    Sandoval, Capital 914,800
    Ramel, Capital 593,200
    Cash
    Ramel Total
    300,000.00 1,050,000.00
    60,000.00 294,000.00

    51,200.00 256,000.00
    411,200.00 1,600,000.00

    Ramel Partnership
    iquidation
    31, 2021
    Capital
    Dulay, Capital (5/10) Sandoval, Capital (3/10) Ramel, Capital (2/10)
    1,372,000 866,800 561,200
    80,000 48,000 32,000
    1,452,000 914,800 593,200

    1,452,000 914,800 593,200


    (1,452,000) (914,800) (593,200)

    Cr

    2,740,000
    80,000
    48,000
    32,000

    400,000
    2,960,000

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