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
SELORIO, ALFIE N.
realization and liquidation and supporting schedules for Caspar and
Kalman in the alternative form
a. The opening balance sheet on October 1is as follows:
P 5 000
P 25 000
20 000 Accounts Payable
Furniture & Fixture(net)
P 100 000
Accrued Interest on N/P
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
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
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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