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Solution P16-6

Jones, Smith, and Tandy Partnership


Statement of Partnership Liquidation
for the liquidation period January 1, 2003 to March 31, 2003

Balances

Cash

Noncash
Assets

Accounts
Payable

20%
Jones
Capital

30%
Smith
Capital

50%
Tandy
Capital

$ 15,000

$215,000

$80,000

$40,000

$60,000

$50,000

January 2003
Inventories sold
Receivables collections

20,000
14,000

Predistribution balance

49,000

65,000*
14,000*
136,000

9,000*
80,000

13,500*

22,500*

31,000

46,500

27,500

31,000

46,500

27,500

Cash distribution to
creditors
Balances January 31
February 2003
Land sold
Land and buildings sold
Receivables collections
Balances February 28

40,000*
9,000
60,000
40,000
3,000
112,000

40,000*
136,000

40,000

40,000*
70,000*
6,000*
20,000

4,000
6,000*
600*
40,000

28,400

6,000
9,000*
900*
42,600

10,000
15,000*
1,500*
21,000

March 2003
Write-off of furniture
and fixtures
Predistribution balance

20,000*
112,000

4,000*
40,000

6,000*

10,000*

24,400

36,600

11,000

24,400*

36,600*

11,000*

Cash distribution:
Creditors
Partners
Balances March 31

40,000*
72,000*
0

40,000*
0

Solution P16-7
1

Cash distribution plan for Link, Mack, and Nell partnership

Vulnerability ranks
Capital
Balances
Link
Mack
Nell

$40,000
20,000
20,000
$80,000

+
-

Loan
Balances

Equity in
Partnership

Profit
and Loss
Ratio

Loss
Absorption
Potential

Vulnerability
Ranking

$15,000
8,000

$55,000
12,000
20,000

50%
30
20

$110,000
40,000
100,000

3
1
2

$ 7,000

$87,000

Schedule of assumed loss absorption


Link
Predistribution equities
Assumed loss to absorb Mack's
equity 50/30/20
Assumed loss to absorb Nell's
equity 50/20

Mack

Nell

Total

$55,000

$12,000

$20,000

$87,000

20,000

12,000

8,000

40,000

35,000

12,000

47,000

30,000

12,000

42,000

$ 5,000

$ 5,000

Cash distribution plan


Priority
Creditors
First $55,000

Link

Mack

Nell

100%

Next $5,000

100%

Next $42,000

5/7

Remainder

50%

2/7
30%

20%

Solution P16-7
2

(continued)

Cash of $25,000 is realized from inventories and receivables with a


$45,000 book value

Cash balance December 31, 2008

$47,000

Realized during 2009

25,000
72,000

Less:

Amount reserved for contingencies

(10,000)
Cash available for distribution

$62,000

Link, Mack, and Nell Partnership


Schedule of January 2009 Cash Distribution
Cash
Available
Cash to be distributed

$62,000

Payments to creditors

(55,000)

Remainder
To Link (for loan balance)
Remainder
To Link (5/7) and
Nell (2/7)
Cash distribution

Priority
Creditors

Link

Mack

Nell

$55,000

Total

$55,000

7,000
(5,000)

$5,000

5,000

2,000
(2,000)
0

1,429
$55,000

$6,429

571

2,000

571

$62,000

Solution P16-8
Jason, Kelly, and Becky Partnership
Statement of Partnership Liquidation
for the period January 1, 2003 through February 28, 2003
Noncash
Assets

Cash
Balances January 1

$ 16,500

Offset loan to Jason


Collection of receivables
Liquidation expenses
Predistribution balances

Priority
Liabilities

$163,500

$21,000

Becky
Loan

50%
Jason
Capital

30%
Kelly
Capital

20%
Becky
Capital

$9,500

$69,000

$47,000

$33,500

14,000*
25,000

14,000*

28,000*

1,500*

2,000*
39,500

1,000*
121,500

21,000

900*
600*

600*
400*

9,500

52,500

45,500

32,500

9,500*
0

52,500

1,100*
44,400

2,900*
29,600

1,500*

900*

600*

1,000*

600*

400*

6,750*

4,050*

2,700*

Cash distribution:
Creditors
Partners-Schedule A
Balances January 31

21,000*
13,500*
5,000

21,000*
121,500

Liability discovered
Liquidation expenses

3,000
2,000*

Sale of remaining
assets
Predistribution balances

108,000
111,000

121,500*
0

3,000

43,250

38,850

25,900

38,850*

25,900*

Cash distribution:
Creditors
Partners-Schedule B
Balances February 28

3,000

3,000*

108,000*

$43,250

Schedule A
Possible
Losses
Partners' equity January 31
Allocate possible losses

$126,500

Allocate Jason's deficit


Safe payments to partners January 31

50%
Jason
Equity

30%
Kelly
Equity

20%
Becky
Equity

$52,500
(63,250)
(10,750)
10,750
0

$45,500
(37,950)
7,550
(6,450)
$ 1,100

$42,000
(25,300)
16,700
(4,300)
$12,400

$43,250
$43,250

$38,850
$38,850

$25,900
$25,900

Schedule B
Partners' equity February 28
Safe payments to partners February 28

Solution P16-98
Roger, Susan, and Tom Partnership
Statement of Partnership Liquidation
for the period January 1, 2003 through February 28, 2003

Balances January 1

Cash

Noncash
Assets

Priority
Liabilities

$ 20,000

$140,000

$40,100

Offset loan to Susan

Roger
Loan

30%
Roger
Capital

30%
Susan
Capital

40%
Tom
Capital

$5,000

$ 9,900

$45,000

$60,000

10,000*

Sale of assets

40,000

40,000*

Predistribution balances

60,000

90,000

10,000*
40,100

5,000

9,900

35,000

60,000

5,000

9,900

2,814*
32,186

17,086*
42,914

20,700*

20,700*

27,600*

11,486

15,314

Cash distribution:
Creditors
Partners-Schedule A
Balances January 31

40,100*
19,900*
0

40,100*
90,000

21,000

90,000*

Sale of remaining
assets
Offset loan to
Roger capital
Predistribution balances

5,000*
21,000

5,000

5,800*

Cash distribution:
Partners-Schedule B
Balances February 28

21,000*

9,000*

$ 5,800*

$ 2,486

12,000*
$ 3,314

Note: Roger owes Susan $2,486 and Tom $3,314. These balances remain on the partnership books
until it is determined if Roger is personally solvent and able to pay $5,800 to the other
partners.

Schedule A
Possible
Losses
Partners' equity January 1
Allocate possible losses

$90,000

Allocate Roger's deficit


Safe payments to partners January 31

30%
Roger
Equity

30%
Susan
Equity

40%
Tom
Equity

$14,900
(27,000)
(12,100)
12,100
0

$35,000
(27,000)
8,000
(5,186)
$ 2,814

$60,000
(36,000)
24,000
(6,914)
$17,086

$(5,800)
5,800
0

$11,486
(2,486)
$ 9,000

$15,314
(3,314)
$12,000

Schedule B
Partners' equity February 28
Allocate Roger's deficit
Safe payments to partners February 28

Note: Since cash was distributed to Susan and Tom in January and since Roger
has negative equity, the distribution in February is necessarily in the 3/7
and 4/7 relative profit and loss sharing ratio of Susan and Tom.