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Lecture 06 Installment Liquidation Cash Priority Program 2

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24 views

Lecture 06 Installment Liquidation Cash Priority Program 2

Uploaded by

Glen Valdezco
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Sir Win – Accounting Lectures

 Jokes  Tagalog
 Stories  Legit Professor
 Life Lessons

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----------------------Lecture 06: Installment Liquidation -- Cash
Priority Program
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The capital and loan balances for partners Uy, Lee and Ong
are shown below. They share profits or losses in the ratio of
4:4:2, respectively.

Loans Payable-Uy P 100,000


Loans Payable-Lee 100,000
Loans Payable-Ong 150,000
Uy, Capital 150,000
Lee, Capital 350,000
Ong, Capital 200,000
P 1,050,000
Required:
1. Prepare a cash priority program (May 2021).
2. Assume that P250,000 cash is available for initial
distribution, prepare the entries to record the distribution to
the partners.

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