Case F only Transcribed Image Text: I. EXERCISES Bob, Gary and Bob, who share profits and losses in the ratio of 4:4:2, respectively, decide to liquidate their partnership on December

Case F only Transcribed Image Text: I.
EXERCISES
Bob, Gary and Bob, who share profits and losses in the ratio of 4:4:2, respectively, decide
to liquidate their partnership on December 31, 2019.
financial position is presented below just prior to liquidation.
А.
The condensed statement of
BGC Partnership
Statement of Financial Position
December 31, 2019
ASSETS
LIABILITIES AND EQUITY
P 224,000
10,000
16,000
190,000
120,000
160,000
40,000
680,000
Cash
P
Liabilities
Gary, Loan
Crab, Loan
Bob, Capital
Gary, Capital
Crab, Capital
Other Assets
Total Assets
P 720,000
Total Liabilities and Equity
P 720,000
Instruction: Prepare a statement of Liquidation and the required journal entries for each of the
following cases and supporting schedule of cash distribution, if necessary assuming cash is
immediately distributed to the proper parties. Assume also that the deficient partner/s will invest
cash which is then distributed as second payment to the proper parties.
Case A
Case B
P 700,000
500,000
Case C
Case D
P 370,000
340,000
Case E
Case F
P 250,000
180,000

Need your ASSIGNMENT done? Use our paper writing service to score better and meet your deadline.


Click Here to Make an Order Click Here to Hire a Writer