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Question is PA12-8
Page 48 Sale of the partnership assets (except cash). 1 Allocation of gain or loss to each of the partners. 1 Payment of outs
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Answer #1
No Particulares Debit Credit
1

Sale of Partnership asset(expect Cash):

Cash Dr 12000

Loss on sale Dr

Non cash Assets Cr 12000

Gain on Sale Cr

(Record of sale of Non cash Assets)
No Particulares Debit Credit
2

Allocation of Gain or loss to Each Partners:

Gain on Realization Dr

Shasta Cr

Sheba Cr   

Sheena Cr

(Record of realization of Gain)
No Particulares Debit Credit
3

Payment of Outstanding Liabilities of Partnership:

Liabilities ****

Cash *****

(Record of payment of outstanding liabilities of

partnership)
No Particulares Debit Credit
4

Distribution of Remaining Cash to Partners Assuming

Shasta Pays The deficiency:

Sheba ****

Sheena ****

shasta ****

(Record of distribution of remaining cash to partners

by shasta)
No Particulares Debit Credit
5

Distribution of Remaining Cash to Partners Assuming

shasta do not pay deficiency:

Shasta ****

sheba ****

Sheena ****

Cash ****

(Record of remaining cash to Partners)
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