Homework Answers
Solution :1).
Opening Cash balance . $ 21,400
Add : Cash from sale of Equipment. $ 60,000
Less : Payment of liabilities. $ 23,400
( A/c payable $ 7,400 + Notes payable $ 16,000)
Cash balance $ 58,000
2). Liquidation Entries
For sale of Equipment :-
Accounts. Debit Credit
Cash . $ 60,000
Loss on sale of equipment. $ 11,000
Equipment $ 71,000
( Equipment. $ 1,64,000 - Accumulated depreciation $ 93,000
= $ 71,000)
Allocation of net loss on sale :-
David Wallace. Olena Dunn. Danny Lin
Opening capital. $ 35,000. $ 18,000. $ 16,000
Loss on sale of
Equipment. $ 5,500. $ 2,750. $ 2,750
Total . $ 29,500. $ 15,250. $ 13,250
Journal entries for allocation of loss :-
Account. Debit Credit
Capital - Wallace. $ 5,500
Capital - Dunn. $ 2,750
Capital - Lin. $ 2,750
Loss on sale. $ 11,000
Journal for payment of liabilities :-
Account Debit. Credit
Liabilities . $ 23,400
Cash . $ 23,400
Journal for Final distribution of cash :-
Account . Debit Credit
Capital - Wallace. $ 29,500
Capital - Dunn. $ 15,250
Capital - Lin. $ 13,250
Cash. $ 58,000
The remaining cash of $ 58,000 is paid out to partners using the capital ratio.
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U. RULUI JULIULUU, UTUUUUU, WUCDULU, UUUUU Exercise 11-14 Liquidation of a partnership L05 eXcel David Wallace,...
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Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
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Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
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Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $23,700, $33,600, and $15,000, respectively. Cash, noncash assets, and liabilities total $36,000, $62,400, and $26,100, respectively. Between July 1 and July 29, the noncash assets are sold for $49,800, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
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Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
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Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
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liquidate their partnership. Just prior to the liquidation, their balance sheet appeared as follows: Problem 11-3B Liquidation of a partnership LOS excel CHECK FIGURES: Cash to Ove: 34,706 Carto Olive 5.20 Cast Owe Poppy Sweethean, and Olive have always shared profit and losses in ratioThey recently decided to CHAPTER d. Cash to live Assets Sweethean and Olive October 15, 2020 Llaws $9.450 Accoyable 166.320 $175.770 Em Pappa Lynn Sweetbean, capital Ned Ove capital Total equity Totalities and equity 163,840 42,000...
READING: PARTNERSHIP LIQUIDATION To-Do Date: Feb 18 at 11:59pm PARTNERSHIP LIQUIDATION BY LUMP-SUM METHOD Steps: 1. To record proceeds of sales of assets any loss on sales is debited to "loss on realization or credited "gain on realization 2. Any gain or loss on realization is is distributed to capital accounts 3. To record payment of liabilities 4. To record payment of partners loan 5. Cash distribution to partners. However, at the time of liquidation, partners loan need not be...
Statement of Partnership Liquidation After clasing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Parter, and Sims are $39,000, 555,500, and $24,600, respectively. Cash, noncash assets, and liabilities total $63,000, $102,600, and $46,500, respectively. Between July 1 and July 29, the noncash assets are sold for $82,200, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2.1....
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $36,300, $51,600, and $23,100, respectively. Cash, noncash assets, and liabilities total $59,100, $95,700, and $43,800, respectively. Between July 1 and July 29, the noncash assets are sold for $76,500, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $27,900, $39,600, and $17,700, respectively. Cash, noncash assets, and liabilitles total $43,500, $73,500, and $31,800, respectively. Between July 1 and July 29, the noncash assets are sold for $58,500, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $38,400, $54,900, and $24,300, respectively. Cash, noncash assets, and liabilities total $60,000, $101,400, and $43,800, respectively. Between July 1 and July 29, the noncash assets are sold for $81,000, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
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