a.
Transaction | General Journal | Debit | Credit |
1 | Cash | 720000 | |
Accumulated depreciation | 199200 | ||
Property, plant, and equipment | 513600 | ||
Trish Craig, capital [3/4 x ($720000 - $314400)] | 304200 | ||
Ted Smith, capital [1/4 x ($720000 - $314400)] | 101400 | ||
(To record sale of property, plant, and equipment) | |||
2 | Accounts payable | 50400 | |
Cash | 50400 | ||
(To record payment of liabilities) | |||
3 | Trish Craig, capital | 549000 | |
Ted Smith, capital | 211800 | ||
Cash | 760800 | ||
(To record final distribution of cash) |
Working:
Statement of Partnership Liquidation | |||||
Partners | |||||
Cash | Noncash Assets | Liabilities | T. Craig | T. Smith | |
Balances, December 31, 2017 | 91200 | 314400 | 50400 | 244800 | 110400 |
Sale of property, plant, and equipment | 720000 | -314400 | 304200 | 101400 | |
Payment of liabilities | -50400 | -50400 | |||
Remaining balance | 760800 | 0 | 0 | 549000 | 211800 |
Final distribution | -760800 | -549000 | -211800 | ||
Total | 0 | 0 | 0 | 0 | 0 |
b.
Transaction | General Journal | Debit | Credit |
1 | Cash | 140000 | |
Accumulated depreciation | 199200 | ||
Trish Craig, capital [3/4 x ($140000 - $314400)] | 130800 | ||
Ted Smith, capital [1/4 x ($140000 - $314400)] | 43600 | ||
Property, plant, and equipment | 513600 | ||
(To record sale of property, plant, and equipment) | |||
2 | Accounts payable | 50400 | |
Cash | 50400 | ||
(To record payment of liabilities) | |||
3 | Trish Craig, capital | 114000 | |
Ted Smith, capital | 66800 | ||
Cash | 180800 | ||
(To record final distribution of cash) |
Working:
Statement of Partnership Liquidation | |||||
Partners | |||||
Cash | Noncash Assets | Liabilities | T. Craig | T. Smith | |
Balances, December 31, 2017 | 91200 | 314400 | 50400 | 244800 | 110400 |
Sale of property, plant, and equipment | 140000 | -314400 | -130800 | -43600 | |
Payment of liabilities | -50400 | -50400 | |||
Remaining balance | 180800 | 0 | 0 | 114000 | 66800 |
Final distribution | -180800 | -114000 | -66800 | ||
Total | 0 | 0 | 0 | 0 | 0 |
Thank you for answering this question! Problem 11-8A Liquidation of a partnership LOS CHECK FIGURES: a....
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