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Answered: - do you have any idea on how to treat capital accounts in


do you have any idea on how to treat capital accounts in statement of realization and liquidation? 'coz I'm kind of confuse about it


STATEMENT OF

 

REALIZATION AND

 

LIQUIDATION

 

SELORIO, ALFIE N.

 

Discussant

 


 

realization and liquidation and supporting schedules for Caspar and

 

Kalman in the alternative form

 

a. The opening balance sheet on October 1is as follows:

 

Assets

 

Stockholders Equity

 


 

Liabilities and

 


 

Cash

 


 

P 5 000

 


 

Notes Payable

 


 

P 25 000

 

Marketable Securities

 

000

 


 

20 000 Accounts Payable

 


 

Accounts Receivable

 

500

 


 

25 000

 


 

Merchandise

 

30 000

 


 

40 000

 


 

Furniture & Fixture(net)

 

10 000

 


 

10 000

 


 

Total

 


 

P 100 000

 


 

34

 


 

Accrued Interest on N/P

 

Gaspar, Capital

 

Kalman, Capital

 

Total

 


 

b. Maketable Securities are sold for P 11 500

 

c. Merchandise sales are as follows: cash sales P 8 500, sales on

 

account P 6 500

 

d. Collections of P 12 000 are made from customers, accounts of

 

P 400 are written off as worthless.

 

e. Payment of P 10 000 is made on notes payable and P 300 for

 

accrued interest

 

f. Payment of P 21 500 is made on account

 

g. Payment of P 2 200 is made for expense

 

h. at the end of October the following adjusting date are

 

recognized:

 

Merchandise on hand is valued at P 22 500

 

Accrued interest on notes payable on this date is P 330

 

Depreciation of Furniture & Fixture for October is P 250

 


 

 


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