Definition of Terms
Illustration
XYZ Partnership
December 1, 20x9
Case 1 – Other assets were sold for P68,000. Deficient partner is solvent.
Case 2 – other assets were sold for P68,000. Deficient partner is insolvent
XYZ Partnership
STATEMENT OF LIQUIDATION
XYZ Partnership
STATEMENT OF LIQUIDATION
Payment of liabilities - -
Balance after payment of liabilities - - - - - - - -
Payment of liabilities - -
Balance after payment of liabilities - - - - - - - -