Homework Answers
| Sl no | Particular | Debit | Credit |
| 1 | Cash A/c | $75,000 | |
|
To accounts receivable To inventory To Equipment(35000-8000) To gain on sale of asset ( Being assets sold to Jackson company for cash ) |
15,000 18,000 27,000 15,000 |
||
| 2 |
notes payable Accounts payable |
15,000 16,000 |
|
|
To cash ( Being all liabilities settled by cash) |
31,000 | ||
| 3 |
R arnet P Carey W eaton |
22500 22800 3700 |
|
|
To cash (Being partner's capital settled by paying cash and gain on sale of fixed assets distributed in profit sharing ratio) |
49000 |
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