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    Partcorp 10

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    ALMA MORENA
    The document provides details of a partnership's balance sheet as of June 30, 2006 including assets, liabilities and each partner's capital contribution and profit sharing ratio. It then describes events during July 2006 including the collection of receivables, sale of inventory and distribution of available cash on July 31 except for $2,000 set aside. It asks questions about the partnership equity on June 30, the cash available for distribution on July 31, and how much one partner would receive.

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    Partcorp 10

    Uploaded by

    ALMA MORENA
    34 views1 page
    The document provides details of a partnership's balance sheet as of June 30, 2006 including assets, liabilities and each partner's capital contribution and profit sharing ratio. It then describes events during July 2006 including the collection of receivables, sale of inventory and distribution of available cash on July 31 except for $2,000 set aside. It asks questions about the partnership equity on June 30, the cash available for distribution on July 31, and how much one partner would receive.

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    partnership

    Original Title

    PARTCORP-10

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    The document provides details of a partnership's balance sheet as of June 30, 2006 including assets, liabilities and each partner's capital contribution and profit sharing ratio. It then describes events during July 2006 including the collection of receivables, sale of inventory and distribution of available cash on July 31 except for $2,000 set aside. It asks questions about the partnership equity on June 30, the cash available for distribution on July 31, and how much one partner would receive.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    34 views1 page

    Partcorp 10

    Uploaded by

    ALMA MORENA
    The document provides details of a partnership's balance sheet as of June 30, 2006 including assets, liabilities and each partner's capital contribution and profit sharing ratio. It then describes events during July 2006 including the collection of receivables, sale of inventory and distribution of available cash on July 31 except for $2,000 set aside. It asks questions about the partnership equity on June 30, the cash available for distribution on July 31, and how much one partner would receive.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    For the items 6-8:

    On June 30, 2006, the Win, Chimon and New partnership had the following fiscal year-end balance sheet:
    Cash $ 4,000 Accounts payable $ 7,000
    Accounts receivable 6,000 Loan from Chimon 5,000
    Inventory 14,000 Win, capital (20%) 14,000
    Plant assets-net 12,000 Chimon, capital (30%) 10,000
    Loan to Win 6,000 New, capital (50%) 6,000
    Total assets $ 42,000 Total liabilities & equity $ 42,000

    The percentages shown are the residual profit and loss sharing ratios. The partners dissolved the partnership on July 1, 2006,
    and began the liquidation process. During July, the following events occurred:

     Receivables of $3,000 were collected.


     The inventory was sold for $4,000.
     All available cash was distributed on July 31, except for $2,000 that was set aside for contingent expenses.

    6. The book value of the partnership equity (i.e., total equity of the partners) on June 30, 2006 is:
    7. The cash available for distribution to the partners on July 31, 2006:
    8. How much cash would Chimon receive from the cash that is available for distribution on July 31?

    9. Partner Piolo P. Garcia is personally insolvent, owing $400,000. Personal assets will only bring $150,000 when liquidated. At
    the same time, Piolo has a credit capital balance in the partnership of $85,000. The capital amounts of the other partners total a
    (credit) balance of $200,000. Under the doctrine of marshaling of assets, the personal creditors of Piolo can collect up to
    __________.

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