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    Assignment 14

    Uploaded by

    Sova Shockdart
    The document is a statement of partnership liquidation for the Pepe, Pilar, and Paz Partnership for the period ending July 31, 2019. It shows the partnership had a balance of $70,000 in cash and $530,000 in other assets with $280,000 in liabilities and a $30,000 loan to Pepe before liquidation began. After selling other assets and additional investments, the partnership paid its liabilities of $280,000 and the remaining $25,000 was paid out to the partners. Personal creditors of Paz may receive an additional $17,500 payment.

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    Assignment 14

    Uploaded by

    Sova Shockdart
    177 views4 pages
    The document is a statement of partnership liquidation for the Pepe, Pilar, and Paz Partnership for the period ending July 31, 2019. It shows the partnership had a balance of $70,000 in cash and $530,000 in other assets with $280,000 in liabilities and a $30,000 loan to Pepe before liquidation began. After selling other assets and additional investments, the partnership paid its liabilities of $280,000 and the remaining $25,000 was paid out to the partners. Personal creditors of Paz may receive an additional $17,500 payment.

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    Accounting - Liquidation

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    The document is a statement of partnership liquidation for the Pepe, Pilar, and Paz Partnership for the period ending July 31, 2019. It shows the partnership had a balance of $70,000 in cash and $530,000 in other assets with $280,000 in liabilities and a $30,000 loan to Pepe before liquidation began. After selling other assets and additional investments, the partnership paid its liabilities of $280,000 and the remaining $25,000 was paid out to the partners. Personal creditors of Paz may receive an additional $17,500 payment.

    Copyright:

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

    Assignment 14

    Uploaded by

    Sova Shockdart
    The document is a statement of partnership liquidation for the Pepe, Pilar, and Paz Partnership for the period ending July 31, 2019. It shows the partnership had a balance of $70,000 in cash and $530,000 in other assets with $280,000 in liabilities and a $30,000 loan to Pepe before liquidation began. After selling other assets and additional investments, the partnership paid its liabilities of $280,000 and the remaining $25,000 was paid out to the partners. Personal creditors of Paz may receive an additional $17,500 payment.

    Copyright:

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

    a Pepe, Pilar and Paz Partnership

    Statement of Partnership Liqiodation


    For period ended July 31, 2019
    Cash Other AsseLiabilities Loan to Pe
    Balance before liquidation 70,000 530,000 280,000 30,000
    Sale of other assets 215,000 -530,000
    Balance after sale 285,000 280,000 30,000
    Payment of liquidation -15,000
    Balance after payment 270,000 280,000 30,000
    Right of offset 0 -30,000
    Balance after offset 270,000 280,000
    Additional investment by Pepe and Pilar 35,000
    Balance after additional investment 305,000 280,000
    Payment of liabilities -280,000 -280,000
    Balance after payment of liabilities 25,000
    Payment to partners -25,000

    b Personal creditors of Paz may get additional payment of 25,000.


    Pepe, CapitPilar, CapitPaz, Capital
    65,000 90,000 135,000
    -105,000 -105,000 -105,000
    -40,000 -15,000 30,000
    -5,000 -5,000 -5,000
    -45,000 -20,000 25,000
    30,000
    -15,000 -20,000 25,000
    15,000 20,000
    25,000

    25,000
    -25,000
    a Pepe, Pilar and Paz Partnership
    Statement of Partnership Liqiodation
    For period ended July 31, 2019
    Cash Other AsseLiabilities Loan to Pe Pepe, Capit
    Balance before liquidation 70,000 530,000 280,000 30,000 65,000
    Sale of other assets 215,000 -530,000 -105,000
    Balance after sale 285,000 280,000 30,000 -40,000
    Payment of liquidation -15,000 -5,000
    Balance after payment 270,000 280,000 30,000 -45,000
    Right of offset 0 -30,000 30,000
    Balance after offset 270,000 280,000 -15,000
    Absorption of deficiency 0 15,000
    Balance after absorption 270,000 280,000
    Additional investment by Pilar 27,500
    Balance after additional investment 297,500 280,000
    Payment of liabilities -280,000 -280,000
    Balance after payment of liabilities 17,500
    Payment to partners -17500

    b The partnership creditors (Outside and pepe) may collect from Pillar amounting to 27,500.

    c The personal creditor of Paz may get additional payment of 17,500.


    Pilar, CapitPaz, Capital
    90,000 135,000
    -105,000 -105,000
    -15,000 30,000
    -5,000 -5,000
    -20,000 25,000

    -20,000 25,000
    -7,500 -7,500
    -27,500 17,500
    27,500
    17,500

    17,500
    -17,500

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