1. Journal Entries if inventory is sold for $ 600,000
Transaction | Journal Entry | Debit | Credit |
a. | CashA/c Dr | $600,000 | |
To Inventory A/c | $600,000 | ||
(Being the inventory is sold) | |||
b. | P&L A/c Dr | $62,800 | |
To Kendra Capital A/c | $ 31,400 | ||
To Cogley Capital A/c | $ 20,933 | ||
To Mei Capital A/c | $ 10,467 | ||
(Being the gain on sale of inventory transferred to Capital Accounts) | |||
c. | Accounts Payable A/c Dr | $245,500 | |
To Cash A/c | $ 245,500 | ||
(being the Accounts payable paid) | |||
d. | Kendra A/c Dr | $267,650 | |
Cogley A/c Dr | $178,433 | ||
Mei A/c Dr | $89,217 | ||
To Cash A/c | $535,300 | ||
(Being the excess cash distributed to the partners) |
2. Journal Entries if inventory is sold for $ 500,000
Transaction | Journal Entry | Debit | Credit |
a. | CashA/c Dr | $500,000 | |
To Inventory A/c | $500,000 | ||
(Being the inventory is sold) | |||
b. | Kendra Capital A/c | $ 18,600 | |
Cogley Capital A/c | $12,400 | ||
Mei Capital A/c | $6,200 | ||
To P&L A/c | $ 37,200 | ||
(Being the Loss on sale of inventory transferred to Capital Accounts) | |||
c. | Accounts Payable A/c Dr | $245,500 | |
To Cash A/c | $ 245,500 | ||
(being the Accounts payable paid) | |||
d. | Kendra A/c Dr | $217,650 | |
Cogley A/c Dr | $145,100 | ||
Mei A/c Dr | $72,550 | ||
To Cash A/c | $435,300 | ||
(Being the excess cash distributed to the partners) |
3. Journal Entries if inventory is sold for $ 320,000
Transaction | Journal Entry | Debit | Credit |
a. | CashA/c Dr | $320,000 | |
To Inventory A/c | $320,000 | ||
(Being the inventory is sold) | |||
b. | Kendra Capital A/c | $ 108,600 | |
Cogley Capital A/c | $72,400 | ||
Mei Capital A/c | $ 36,200 | ||
To P&L A/c | $ 217,200 | ||
(Being the Loss on sale of inventory transferred to Capital Accounts) | |||
c. | Accounts Payable A/c Dr | $245,500 | |
To Cash A/c | $ 245,500 | ||
(being the Accounts payable paid) | |||
d. | Kendra A/c Dr | $127,650 | |
Cogley A/c Dr | $85,100 | ||
Mei A/c Dr | $42,550 | ||
To Cash A/c | $255,300 | ||
(Being the excess cash distributed to the partners) |
4.Journal Entries if inventory is sold for $ 250,000
Transaction | Journal Entry | Debit | Credit |
a. | CashA/c Dr | $250,000 | |
To Inventory A/c | $250,000 | ||
(Being the inventory is sold) | |||
b. | Kendra Capital A/c | $ 143,600 | |
Cogley Capital A/c | $,95,733 | ||
Mei Capital A/c | $ 47,867 | ||
To P&L A/c | $ 287,200 | ||
(Being the Loss on sale of inventory transferred to Capital Accounts) | |||
c. | Accounts Payable A/c Dr | $245,500 | |
To Cash A/c | $ 245,500 | ||
(being the Accounts payable paid) | |||
d. | Kendra A/c Dr | $56,650 | |
Cogley A/c Dr | $ 37,767 | ||
Mei A/c Dr | $18,883 | ||
To Cash A/c | $113,300 | ||
(Being the excess cash distributed to the partners) |
In all the above cases there is no deficit cash and therefore partners need not to pay for their deficits.
JIS (U) $200,000 $145,000, and (c) $262,000. (2c) Cr. Benson, Capital, $9,300 Kendra, Cogley, and Mei...
liquidation 1 and 2 please P12-6A Liquidation 1, inventory sold for $600,000 5070 339. 79. Kendra Cogley Mei Cash Inventory A/P Capital Beginning $ 180,800 $ 537,200 $ 245,500 $ 93,000 $ 212,500 $ 167,000 balances Sale of inventory Gain/Loss allocation Capital deficit(s) Payment of liabilities at BV Totals Cash distributed Account? Liquidation 2, inventory sold for $500,000 501 339 79 Kendra Cogley Mei Cash Inventory A/P Capital Capital Capital Beginning $ 180,800 $ 537,200 $ 245,500 $ 93,000 $...
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, 3/6; 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. Balance Sheet Assets Liabilities Cash $ 103,600 Accounts payable $ 252,500 Inventory 536,400 Equity Kendra, Capital 77,500 Cogley, Capital 174,375 Mei, Capital 135,625 Total assets $ 640,000 Total liabilities and equity...
Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio in ratio form: Kendra, 3/6; 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 $ 84,300 538,200 $ 252,000 Balance Sheet Liabilities Accounts payable Equity Kendra, Capital Cogley, Capital Mei, Capital Total liabilities and equity 74,100 166,725 129,675 $622,500 Total assets $622,500 Required: For each of the following scenarios, complete...
Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 3/6; 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. Balance Sheet Assets Liabilities Accounts payable Equity Kendra, Capital Cogley, Capital Mei, Capital Cash $ 84,600 545,400 $255,500 Inventory 74,900 168,525 131,075 Total assets $630,000 Total liabilities and equity $630,000 Required: For each of the following scenarios, complete the...
I think I'm doing these wrong. Please help with liquidation 3 and 4. How would I do journal entries for liquidation 4? P12-6A 50. 339 1770 Liquidation 3, inventory sold for $320,000; capital deficiencies paid into partnership Kendra Cogley Mei Gain on Cash Inventory I A/P Capital Capital Capital Liquidation Beginning $ 180,800 $ 537,200 $ 245,500 $ 93,000 $ 212,500 $ 167,000 balances Sale of 600,000 (537,200) 62,800 equipment 780,800 245,500 93,000 212,500 167,000 62,800 Gain/LOSS 31,400 20,724 10,676...
helpppp LILLAH WULA PIOVIENI IZUA LiquidLII VI a partTED Lur Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. Assets Cash Inventory KENDRA, COGLEY, AND MEI Balance Sheet May 31 Liabilities and Equity $ 84,800 Accounts payable 538,200 Kendra, Capital Cogley, Capital Mei, Capital $623,000 Total liabilities and equity $252,000 74,200 166,950 129,850 $623,000 Total assets Required: For...
help! I did some but got stuck. Saved Help Save & Exit Submit Check my work Kendra, Cogley, and Mel share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership On the day of liquidation their balance sheet appears as follows. Assets Cash Inventory KENDRA, COGLEY, AND MEI Balance Sheet May 31 Liabilities and Equity $ 84,800 Accounts payable 538,200 Kendra, Capital Cogley, Capital Mei, Capital $623,000 Total liabilities and equity $ 252,000 74.200...
Kendra, cogley, and mei share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. appears as follows Total e minus sign. Round your final answers to the mearess ti inventory is sold for $628 200 for $451.200 2.600 and ony partners with capmal deficts psy im the amount of hose nvested ther deichs 4) Invenory is sois for $284,400 and the parthers have...
No need to explain, please I beg just solve everything, would be greatly appreciated (huge thumbs up)! :) 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...
49,000 Kendra, Capital Cogley, Capital to is sold for $628.200 192 We were unable to transcribe this imageWe were unable to transcribe this image133,525 451 Cash 416 549,000 Kendra, Capital Cogley, capital 76,380 133,525 ating the gain or loss on the sale of Inventory. Prepare journal entries wlth a minus sign. Round your final answers to the nearest whole dollar.) pay in the amount of their deficits 1 GJ on sale รา of 12 Next > <PrRY We were unable...