Page 71 - Demo

%u062c%u0645%u064a%u0639 %u0627%u0644%u062d%u0642%u0648%u0642 %u0645%u062d%u0641%u0648%u0638%u0629 %u0640 %u0627%u0625%u0644%u0639%u062a%u062f%u0627%u0621 %u0639%u0644%u0649 %u062d%u0642 %u0627%u0644%u0645%u0624%u0644%u0641 71 %u0628%u0627%u0644%u0646%u0633%u062e %u0623%u0648 %u0627%u0644%u0637%u0628%u0627%u0639%u0629 %u064a%u0639%u0631%u0636 %u0641%u0627%u0639%u0644%u0647 %u0644%u0644%u0645%u0633%u0627%u0626%u0644%u0629 %u0627%u0644%u0642%u0627%u0646%u0648%u0646%u064a%u0629Example (1)The following Balance Sheet of ABC Partnership is given as follows:Cash 10,000 Salaries Payable (6 Months) 40,000 preferredNon-Cash Assets 90,000 Accounts Payable 6,000 ordinaryCapital (A) 32,000Capital (B) 10,000Capital (C) 12,000If the partners agreed to liquidate the Company and they share P & L in ratio 2:2:1. If you know that:On 1/5 the Non-Cash Assets were sold for $80,000.On 1/6 the company paid liquidation expenses of $5,000.Required:1. Prepare the Liquidation Table (Statement). 2. Prepare the Liquidation Entries.The five balances are given so there is no preparation1- The Liquidation Table (Statement).TitleAssets Liabilities CapitalCash Non-Cash preferredSalaries PayableordinaryAccounts PayableA 2B 2C 1Balances 10,000 90,000 40,000 6,000 32,000 10,000 12,0001) Selling Non-Cash 80,000 (90,000) (4,000) (4,000) (2,000)Balances 90,000 0 40,000 6,000 28,000 6,000 10,0002) Paying Liquid. Exp. (5,000) (2,000) (2,000) (1,000)Balances 85,000 0 40,000 6,000 26,000 4,000 9,0003) Paying Preferred (40,000) (40,000)Balances 45,000 0 0 6,000 26,000 4,000 9,0004) Paying Ordinary (6,000) (6,000)Balances 39,000 0 0 0 26,000 4,000 9,0005) Paying Capital (39,000) (26,000) (4,000) (9,000)Balance 0 0 0 0 0 0 0noteSale of Non- Cash Assets with Loss Loss = Selling price 80,000 %u2013 Book value 90,000= ( 10,000Paying Liquidation Expenses 5,000 A = 10,000 x (2 /5)= 4,000 A = 5,000 x (2 /5)= 2,000B = 10,000 x (2 /5)= 4,000 B = 5,000 x (2 /5)= 2,000C = 10,000 x( 1 /5)= 2,000 C = 5,000 x( 1 /5)= 1,00069