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ASC Partnership Schedule of Safe Payments

This document contains information about the distribution of cash from a partnership called ASC Partnership. It shows the capital contributions and profit/loss sharing ratios of partners Alvin, Sammy, and Cenon. It then outlines the cash priority program, showing that the first P150,000 of cash will go to Sammy, and the next P50,000 will be split between Sammy, Alvin, and Cenon. It also includes a statement of liquidation and schedule of safe payments outlining how the partners would be paid out if the partnership's non-cash assets were sold for P230,000 and liabilities of P150,000 were paid.

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169 views

ASC Partnership Schedule of Safe Payments

This document contains information about the distribution of cash from a partnership called ASC Partnership. It shows the capital contributions and profit/loss sharing ratios of partners Alvin, Sammy, and Cenon. It then outlines the cash priority program, showing that the first P150,000 of cash will go to Sammy, and the next P50,000 will be split between Sammy, Alvin, and Cenon. It also includes a statement of liquidation and schedule of safe payments outlining how the partners would be paid out if the partnership's non-cash assets were sold for P230,000 and liabilities of P150,000 were paid.

Uploaded by

Maya
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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1.

Prepare a cash priority program showing how cash will be distributed to the partners as it bec

ASC Partnership
Cash Priority Program
June 30, 2011

Balance
Alvin Sammy
Capital ₱ 175,000 ₱ 300,000
Loan Payable to Partner 25,000
Total Interest ₱ 200,000 ₱ 300,000
Divided by profit sharing ratio 50% 30%
Loss absorption balance ₱ 400,000 ₱ 1,000,000
Priority I - First P150,000 to Sammy -500,000
Balances ₱ 400,000 ₱ 500,000
Priority II - Next P50,000 to
Sammy and Cenon -100,000
Total ₱ 400,000 ₱ 400,000

2. If the first sale of noncash assets with a book value of P400,000 realizes P230,000 and availab
determine the amount of cash to be distributed to each partner.

ASC Partnership
Statement of Liquidation
June 30, 2001

Cash Non-cash Assets


Balances ₱ 100,000 ₱ 650,000
Realization 230,000 -400,000
Balances ₱ 330,000 ₱ 250,000
Payment of Liabilities -150,000
Balances ₱ 180,000 ₱ 250,000
Distribution of Cash -180,000
Total Payments to Partners ₱ - ₱ 250,000

ASC Partnership
Schedule of Safe Payments

Alvin Sammy
Balances ₱ 115,000 ₱ 249,000
Distribution of Loss -125,000 -75,000
Balances -₱ 10,000 ₱ 174,000
Additional Loss due to Alvin’s Deficiency 10,000 -6,000
Total Cash Distribution ₱ - ₱ 168,000
uted to the partners as it becomes available.

ASC Partnership
ash Priority Program
June 30, 2011

nce Payment
Cenon Alvin (50%) Sammy (30%) Cenon (20%) Total
₱ 100,000

₱ 100,000
20%
₱ 500,000
₱ 150,000 ₱ 150,000
₱ 500,000

-100,000 30,000 ₱ 20,000 50,000


₱ 400,000 ₱ 180,000 ₱ 20,000 ₱ 200,000

alizes P230,000 and available cash is distributed,

ASC Partnership
tement of Liquidation
June 30, 2001

CAPITAL
Loan Payable to
Liabilities Alvin Alvin Sammy Cenon
₱ 150,000 ₱ 25,000 ₱ 175,000 ₱ 300,000 ₱ 100,000
-85,000 -51,000 -34,000
₱ 150,000 ₱ 25,000 ₱ 90,000 249,00 ₱ 66,000
-150,000
₱ - ₱ 25,000 ₱ 90,000 ₱ 249,000 ₱ 66,000
-168,000 -12,000
₱ - ₱ 25,000 ₱ 90,000 ₱ 81,000 ₱ 54,000

Cenon
₱ 66,000
-50,000
₱ 16,000
-4,000
₱ 12,000
SUBMITTED BY:
VILLANUEVA, CRIS
VILLANUEVA, MIGUEL JOSHUA
VILLAROSA, GLECY MAE
YURO, SHARWIN MAY

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