Dela Cruz, Katrina M.

Bs in Accountancy 1

The 3G Company decided to liquidate on December 1, 2020. Statement of Financial Position

of the company on such date is as follows:
3G COMPANY
STATEMENT OF FINANCIAL POSITION
DECEMBER 1, 2020
ASSETS
CASH ₱ 23,000.00
NON-CASH ASSETS 198,000.00
TOTAL ₱ 221,000.00
LIABILITIES AND CAPITAL
ACCOUNTS PAYABLE ₱ 66,000.00
GARY, LOAN 3,600.00
GALA, CAPITAL 61,000.00
GARY, CAPITAL 37,400.00
GOSTON, CAPITAL 53,000.00
TOTAL LIABILITY & EQUITIES ₱ 221,000.00

GALA, GARY AND GASTON SHARE PROFITS AND LOSSES IN THE RATION OF 2:2:1, RESPECTIVELY.

Case 1 - Non-cash assets were sold for P205,500

3G COMPANY
STATEMENT OF LIQUIDATION
DECEMBER 31, 2020
PARTICULARS CASH NON-CASH ASSETS ACCOUNTS PAYABLE
BALANCE ₱ 23,000.00 ₱ 198,000.00 ₱ 66,000.00
SALE OF ASSETS 205,500.00 - 198,000.00
BALANCE 228,500.00 - 66,000.00
PAYMENT OF LIABILITIES - 66,000.00 - 66,000.00
BALANCE 162,500.00 -
PAYMENT TO PARTNERS - 162,500.00
BALANCE -

1. SALE OF NON-CASH ASSETS

CASH 205,500.00
NON CASH ASSETS 198,000.00
GALA, CAPITAL 3,000.00
GARY, CAPITAL 3,000.00
GASTON, CAPITAL 1,500.00
 TO RECORD REALIZATION OF ASSETS AND DISTRIBUTION OF GAIN.

2. PAYMENT OF LIABILITIES
ACCOUNTS PAYABLE 66,000.00
CASH 66,000.00
TO RECORD PAYMENT OF LIABILITIES

3. PAYMENT TO PARTNERS
GARY, LOAN 3,600.00
GALA, CAPITAL 64,000.00
GARY, CAPITAL 40,400.00
GASTON CAPITAL 54,500.00
CASH 162,500.00
TO RECORD SETTLEMENT OF PARTNER'S INTEREST.

Case 2 - Non-cash assets were sold for P138,000

3G COMPANY
STATEMENT OF LIQUIDATION
DECEMBER 31, 2020
PARTICULARS CASH NON-CASH ASSETS ACCOUNTS PAYABLE
BALANCE ₱ 23,000.00 ₱ 198,000.00 ₱ 66,000.00
SALE OF ASSETS 138,000.00 - 198,000.00
BALANCE 161,000.00 - 66,000.00
PAYMENT OF LIABILITIES - 66,000.00 - 66,000.00
BALANCE 95,000.00 -
PAYMENT TO PARTNERS - 95,000.00
BALANCE -

1. SALE OF NON-CASH ASSETS

CASH 138,000.00
GALA, CAPITAL 24,000.00
GARY, CAPITAL 24,000.00
GASTON, CAPITAL 12,000.00
NON CASH ASSETS 198,000.00
TO RECORD REALIZATION OF NON-CASH ASSETS AND DISTRIBUTION OF LOSS

2. PAYMENT OF LIABILITIES
ACCOUNTS PAYABLE 66,000.00
CASH 66,000.00
TO RECORD PAYMENT OF LIABILITIES
Case 3 - Non-cash assets were sold for P105,000
3G COMPANY
STATEMENT OF LIQUIDATION
DECEMBER 31, 2020
PARTICULARS CASH NON-CASH ASSETS ACCOUNTS PAYABLE
BALANCE ₱ 23,000.00 ₱ 198,000.00 ₱ 66,000.00
SALE OF ASSETS 105,000.00 - 198,000.00
BALANCE 128,000.00 - 66,000.00
PAYMENT OF LIABILITIES - 66,000.00 - 66,000.00
BALANCE 62,000.00 -
PAYMENT TO PARTNERS - 62,000.00
BALANCE -

1. SALE OF NON- CASH ASSETS

CASH 105,000.00
GALA, CAPITAL 37,200.00
GARY, CAPITAL 37,200.00
GASTON, CAPITAL 18,600.00
NON CASH ASSETS 198,000.00
TO RECORD REALIZATION OF NON-CASH ASSETS AND DISTRIBUTION OF LOSS.

2. PAYMENT OF LIABILITIES
ACCOUNTS PAYABLE 66,000.00
CASH 66,000.00
TO RECORD PAYMENT OF LIABILITIES.

3. PAYMENT TO PARTNERS
GARY, LOAN 3,600.00
GALA, CAPITAL 23,800.00
GARY, CAPITAL 200.00
GASTON CAPITAL 34,400.00
CASH 62,000.00
TO RECORD SETTLEMENT OF PARTNER'S INTEREST.

Case 4 - Non-cash assets were sold for P90,000, deficient partner is solvent.
3G COMPANY
STATEMENT OF LIQUIDATION
DECEMBER 31, 2020
 PARTICULARS CASH NON-CASH ASSETS ACCOUNTS PAYABLE
BALANCE ₱ 23,000.00 ₱ 198,000.00 ₱ 66,000.00
SALE OF ASSETS 90,000.00 - 198,000.00
BALANCE 113,000.00 - 66,000.00
PAYMENT OF LIABILITIES - 66,000.00 - 66,000.00
BALANCE 47,000.00 -
RIGHT OF OFFSET
BALANCE 47,000.00
ADDITIONAL INVESTMENT 2,200.00
BALANCE 49,200.00
PAYMENT TO PARTNERS - 49,200.00
BALANCE -

1. SALE OF NON- CASH ASSETS

CASH 90,000.00
GALA, CAPITAL 43,200.00
GARY, CAPITAL 43,200.00
GASTON, CAPITAL 21,600.00
NON CASH ASSETS 198,000.00
TO RECORD REALIZATION OF NON-ASSET AND DISTRIBUTION OF LOSS.

2. PAYMENT OF LIABILITIES
ACCOUNTS PAYABLE 66,000.00
CASH 66,000.00
TO RECORD PAYMENT OF LIABILITIES.

3. RIGHT OF OFFSET
GARY, LOAN 3,600.00
GARY, CAPITAL 3,600.00

Case 5 - Non-cash assets were sold for P90,000, deficient partner is insolvent.
3G COMPANY
STATEMENT OF LIQUIDATION
DECEMBER 31, 2020
PARTICULARS CASH NON-CASH ASSETS ACCOUNTS PAYABLE
BALANCE ₱ 23,000.00 ₱ 198,000.00 ₱ 66,000.00
SALE OF ASSETS 90,000.00 - 198,000.00
BALANCE 113,000.00 - 66,000.00
PAYMENT OF LIABILITIES - 66,000.00 - 66,000.00
BALANCE 47,000.00 -
RIGHT OF OFFSET
BALANCE 47,000.00
ABSORPTION OF LOSS
BALANCE 47,000.00
PAYMENT TO PARTNERS - 47,000.00
BALANCE -

1. SALE OF NON- CASH ASSETS

CASH 90,000.00
GALA, CAPITAL 43,200.00
GARY, CAPITAL 43,200.00
GASTON, CAPITAL 21,600.00
NON CASH ASSETS 198,000.00
TO RECORD REALIZATION OF NON-CASH ASSETS AND DISTRIBUTION OF LOSS.

2. PAYMENT OF LIABILITIES
ACCOUNTS PAYABLE 66,000.00
CASH 66,000.00
TO RECORD PAYMENT OF LIABILITIES

3. RIGHT OF OFFSET
GARY, LOAN 3,600.00
GARY, CAPITAL 3,600.00

4. ABSORPTION OF LOSS
GALA. CAPITAL 1,446.67
GASTON, CAPITAL 733.33
GARY, CAPITAL 2,200.00
TO RECORD ABSORPTION OF PARTNER'S CAPITAL DEFICIENCY.

5. PAYMENT TO PARTNERS
GALA, CAPITAL 16,333.33
GASTON, CAPITAL 30,666.67
CASH 47,000.00
TO RECORD SETTLEMENT OF PARTNER'S INTEREST.
 RESPECTIVELY.

COMPANY
OF LIQUIDATION
MBER 31, 2020
GARY, LOAN GALA, CAPITAL GARY, CAPITAL GASTON, CAPITAL
₱ 3,600.00 ₱ 61,000.00 ₱ 37,400.00 ₱ 53,000.00
3,000.00 3,000.00 1,500.00
3,600.00 64,000.00 40,400.00 54,500.00

3,600.00 64,000.00 40,400.00 54,500.00

- 3,600.00 - 64,000.00 - 40,400.00 - 54,500.00
- - - -
COMPANY
OF LIQUIDATION
MBER 31, 2020
GARY, LOAN GALA, CAPITAL GARY, CAPITAL GASTON, CAPITAL
₱ 3,600.00 ₱ 61,000.00 ₱ 37,400.00 ₱ 53,000.00
- 24,000.00 - 24,000.00 - 12,000.00
3,600.00 37,000.00 13,400.00 41,000.00

3,600.00 37,000.00 13,400.00 41,000.00

- 3,600.00 - 37,000.00 - 13,400.00 - 41,000.00
- - - -

3. PAYMENT TO PARTNERS
GARY, LOAN 3,600.00
GALA, CAPITAL 37,000.00
GARY, CAPITAL 13,400.00
GASTON CAPITAL 41,000.00
CASH 95,000.00
TO RECORD SETTLEMENT OF PARTNER'S INTEREST
COMPANY
OF LIQUIDATION
MBER 31, 2020
GARY, LOAN GALA, CAPITAL GARY, CAPITAL GASTON, CAPITAL
₱ 3,600.00 ₱ 61,000.00 ₱ 37,400.00 ₱ 53,000.00
- 37,200.00 - 37,200.00 - 18,600.00
3,600.00 23,800.00 200.00 34,400.00

3,600.00 23,800.00 200.00 34,400.00

- 3,600.00 - 23,800.00 - 200.00 - 34,400.00
- - - -

COMPANY
OF LIQUIDATION
MBER 31, 2020
 GARY, LOAN GALA, CAPITAL GARY, CAPITAL GASTON, CAPITAL
₱ 3,600.00 ₱ 61,000.00 ₱ 37,400.00 ₱ 53,000.00
- 43,200.00 - 43,200.00 - 21,600.00
3,600.00 17,800.00 - 5,800.00 31,400.00

3,600.00 17,800.00 - 5,800.00 31,400.00

- 3,600.00 3,600.00
- 17,800.00 - 2,200.00 31,400.00
2,200.00
17,800.00 - 31,400.00
- 17,800.00 - 31,400.00
- - -

4. ADDITIONAL INVESTMENT
CASH 2,200.00
GARY, CAPITAL 2,200.00
TO RECORD ADDITIONAL INVESTMENT OF DEFICIENT PARTNER.

5. PAYMENT TO PARTNERS
GALA, CAPITAL 17,800.00
GASTON CAPITAL 31,400.00
CASH 49,200.00
TO RECORD SETTLEMENT OF PARTNER'S INTEREST.

COMPANY
OF LIQUIDATION
MBER 31, 2020
GARY, LOAN GALA, CAPITAL GARY, CAPITAL GASTON, CAPITAL
₱ 3,600.00 ₱ 61,000.00 ₱ 37,400.00 ₱ 53,000.00
- 43,200.00 - 43,200.00 - 21,600.00
3,600.00 17,800.00 - 5,800.00 31,400.00

3,600.00 17,800.00 - 5,800.00 31,400.00

- 3,600.00 3,600.00
- 17,800.00 - 2,200.00 31,400.00
- 1,466.67 2,200.00 - 733.33
16,333.33 - 30,666.67
- 16,333.33 - 30,666.67
- -