Question

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Problem 12-6A Liquidation of a partnership LO P5 Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 376; Cogley, 2/6; and Mei, 1/6). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. Assets Cash Inventory $252,000 $ 83,900 546,600 Balance Sheet Liabilities Accounts payable Equity Kendra, Capital Cogley, Capital Mei, Capital Total liabilities and equity 75,700 170,325 132,475 $630,500 Total assets $630,500 Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of inventory. Prepare journal entries to record the below transactions. (Do not round intermediate calculations. Enter losses and partner deficits, if any, as negative amounts.) 1. Inventory is sold for $600,600. 2. Inventory is sold for $479,400. 3. Inventory is sold for $358,200 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $280,200 and partners with deficits do not pay their deficits.

Answer 1

Note	In the given case, Kendra , partner with losses , has not paid his deficit in cash. Hence,
	the remaining cash of $ 112200 , shall be distributed between Cogley and Mei , in their
	Profit sharing ratio 2 : 1

Answer 2 - screen shot , again attached below , some of the figures were not legible..Please consider Answer 2 here