BONDOCS PARTNERSHIP

Statement of Financial Position

As of March 01, 2014

Assets: Liabilities:
Cash P20,000.00 Accounts Payable P25,000.00
Accounts Receivable 50,000.00 Loans Payable, B-Bondoc 5,000.00
Merchandise Inventory 40,000.00 Total Liabilities 30.000.00
Equipment P105,000.00 Partner’s Equity
Accumulated Depreciation – Equipment 15,000.00 A-Bondoc, Capital 50,000.00
Net Book Value Equipment 90,000.00 B-Bondoc, Capital 45,000.00
C-Bondoc, Capital 75,000.00
Total Partner’s Equity 170,000.00
Total Assets: P200,000.00 Total Liabilities and Partner’s Equity P200,000.00

Non - Cash Assets:

Accounts Receivable P50,000.00
Merchandise Inventory 40,000.00
Net Book Value - Equipment 90,000.00
Total Non – Cash Assets P180,000.00

Selling of Non – Cash Assets:

Accounts Receivable P40,000.00
Loss on Realization
Merchandise Inventory 37,000.00
Net Book Value Equipment 133,500.00 Gain on Realization

Profit and Loss Ratio

2:3:1
 BONDOCS PARTNERSHIP
Statement of Partnership Liquidation
As of March 01, 2014

Accounts Merchandise Equipment Accounts Loans Payable Capital Balances:

Cash
Receivable Inventory Net Payable B - Bondoc A - Bondoc A - Bondoc A - Bondoc
Balance Before Liquidation: P20,000.00 P50,000.00 P40,000.00 P90,000.00 P25,000.00 P5,000.00 P50,000.00 P50,000.00 P50,000.00
1. Realization of Non – Cash
1.1 Sale of Accounts Receivable
Cash Proceeds P44,000.00 44,000.00
Value of Accounts Receivable 50,000.00 (50,000.00)
Loss on Realization A/R P6,000.00 __________ __________ __________ __________ __________ ___________ _(2,000.00)_ _(3,000.00)_ _(1,000.00)_
Balances After Sale: P64,000.00 P 0.00 P40,000.00 P90,000.00 P25,000.00 P5,000.00 P48,000.00 P42,000.00 P74,000.00
1.2 Sale on Merchandise Inventory
Cash Proceeds P37,000.00 37,000.00
Value of Merchandise Inventory 40,000.00 (40,000.00)
Loss on Realization M.I P3,000.00 __________ __________ __________ __________ __________ ___________ _(1,000.00)_ _(1,500.00)_ _(500.00)_
Balances After Sale: P101,000.00 P 0.00 P 0.00 P90,000.00 P25,000.00 P5,000.00 P47,000.00 P40,500.00 P73,500.00
1.3 Sale of Equipment
Cash Proceeds P133,500.00 P133,500.00
Value of Equipment 90,000.00 (90,000.00)
Gain on Realization P43,500.00 __________ __________ __________ __________ __________ __________ _14,500.00_ _21,750.00_ _7,250.00_
Balances After Sale P234,500.00 P 0.00 P 0.00 P 0.00 P25,000.00 P5,000.00 P61,500.00 P62,250.00 P80,750.00
2. Pay outside Creditor
A/P to Supplier _(25,000.00)_ __________ __________ __________ _(25,000.00)_ __________ __________ __________ __________
Balances After Payment P209,500.00 P 0.00 P 0.00 P 0.00 P 0.00 P5,000.00 P61,500.00 P62,250.00 P80,750.00
3. Pay Loan to Partner _(5,000.00)_ ___________ ___________ ___________ ___________ _(5,000.00)_ ___________ ___________ ___________
Balances After Payment P204,500.00 P 0.00 P 0.00 P 0.00 P 0.00 P 0.00 P61,500.00 P62,250.00 P80,750.00

4. Distribution to Partner (204,500.00) ___________ ___________ ___________ __________ ___________ (61,500.00) (62,250.00) (80,750.00)
Balances After Distribution P 0.00 P 0.00 P 0.00 P 0.00 P 0.00 P 0.00 P 0.00 P 0.00 P 0.00