9 The adjusted trial balance of Jason, Moore and Olsen partnership on June 30, 2016 was as follows: P 400,000 Cash Accou

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9 The Adjusted Trial Balance Of Jason Moore And Olsen Partnership On June 30 2016 Was As Follows P 400 000 Cash Accou 1 (97.23 KiB) Viewed 33 times

9 The adjusted trial balance of Jason, Moore and Olsen partnership on June 30, 2016 was as follows: P 400,000 Cash Accounts Receivables- net Properties Loan to Jason Goodwill Total 50,000 50,000 P1,400,000 Accounts Payable Loan from Olsen Jason, Capital (30%) Moore, Capital (30%) Olsen, Capital (40%) Total P 380,000 20,000 300,000 450,000 250.000 P1,400,000 The partners agreed to liquidate. The following liquidation schedule was given to you: July- P80,000 were collected for the entire accounts receivable. Half of the liabilities to outside suppliers were paid. It was also agreed that P50,000 cash be restricted for future liquidation expenses every month until the last liquidation period. Aug - Half of the properties were sold for P300,000. The remaining liabilities were paid net of a discount granted of P10,000. Liquidation expenses of P40,000 were also paid. Sept.- Remaining properties were sold for P300,000 net of liquidation expenses of P30,000. Required: Prepare a statement of liquidation supported by schedules of cash distribution. 10. Using the data in no. 9, instead of preparing a statement of liquidation, prepare a schedule of safe payments for July, August and September using the following stenda