Page 73 - 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 73 %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 (2)The following Balance Sheet of ABC Partnership is given as follows:Cash 40,000 Salaries Payable (10 Months) 50,000 ?????Non-Cash Assets 100,000 Accounts Payable 5,000 ordinaryCapital (A) 35,000Capital (B) 30,000Capital (C) 20,000If 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 Assets were sold for $80,000.On 1/6 the company paid liquidation expenses of $5,000.The creditors (A/P) give the company a discount of $3,000Required:1. Prepare the Liquidation Table (Statement). 2. Prepare the Liquidation Entries.Preparing balancesSalaries Payable are preferred within 6 months:Total Salaries Payable (50,000) is for (10 months), So Monthly Salaries = (50,000 %u00f7 10) = 5,000Preferred =5,000 x 6 months =30,000 Ordinary = 5,000 x 4 months= 20,000%u2022 Total Preferred Liabilities = Preferred Salaries Payable = 30,000%u2022 Total Ordinary Liabilities = A/P 5000 + Ordinary Salaries Payable 20,000 = 25,000 1- The Liquidation Table (Statement).TitleAssets Liabilities CapitalCash Non-Cash preferred ordinary A 2B 2C 1Balances 40,000 100,000 30,000 25,000 35,000 30,000 20,0001) Selling Non-Cash 80,000 (100,000) (8,000) (8,000) (4,000)Balances 120,000 0 30,000 25,000 27,000 22,000 16,0002) Paying Liquid. Exp. (5,000) (2,000) (2,000) (1,000)Balances 115,000 0 30,000 25,000 25,000 20,000 15,0003) Paying Preferred (30,000) (30,000)Balances 85,000 0 0 25,000 25,000 20,000 15,000 4) Paying Ordinary (22,000) (25,000) 1,200 1,200 600Balances 63,000 0 0 0 26,200 21,200 15,600 5) Paying Capital (63,000) (26,200) (21,200) (15,600)Balance 0 0 0 0 0 0 0noteSale of Non- Cash Assets with Loss = Selling price 80,000 %u2013 Book value 100,000= ( 20,000)A = 20,000 x (2 /5)= 8,000 B = 20,000 x (2 /5)= 8,000 C = 20,000 x( 1 /5)= 4,00071