P12-11B Prepare and post entries for partnership liquidation. (LO 7) AP The partners in Omni Services...
P12-11B
Prepare and post entries for partnership liquidation.
(LO 7) AP
The partners in Omni Services decided to liquidate the partnership on May 31, 2017, when balances in the company's accounts were as follows:
|
Item |
Cash |
Accounts Receivable |
Equipment |
Accumulated Depreciation |
Accounts Payable |
B. Hally, Capital |
H. Lockyear, Capital |
A. Vu, Capital |
|---|---|---|---|---|---|---|---|---|
|
Balances before |
||||||||
|
liquidation |
$33,000 |
$20,000 |
$75,200 |
$6,400 |
$53,160 |
$39,600 |
$25,200 |
$3,840 |
The partners share profit and loss 5:3:2 for Hally, Lockyear, and Vu, respectively.
Instructions
(a)
Complete the schedule and prepare the journal entries for the liquidation of the partnership assuming the noncash assets were sold for $88,800, liabilities are paid, and the cash is distributed appropriately.
Homework Answers
WORKING NOTES :
value of equipment = 75200 - 6400 = 68800
value of cash = 33000+88800 = 121800
profits remained for the partner = 121800 - 53160(accounts payable) = 68640
share of hally = 68640*5/10 = 34320
share of lockyear = 68640*3/10 = 20592
share of vu = 68640*2/10 = 13728
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Prepare and post entries for partnership liquidation.
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