Problem 1 The following balance sheet extract of the partnership firm of Small, Medium and Large...
Problem 1 The following balance sheet extract of the partnership firm of Small, Medium and Large has been prepared just before they decided to liquidate their firm on June 30, 2019. Cash 60,000 Accounts receivable 40,000 Other non-cash assets 300,000 Accounts payable 120,000 Small, capital 85.000 Medium capital 95.000 Large, capital 100,000 The partners have been distributing profits and losses in the ratio of 2:2:1 respectively between Small, Medium and Large. The following transactions took place during the process of...
The Pen, Evan and Torres Partnership have decided to liquidate their partnership by installment. A summary of the liquidation transactions follows: 1. The partnership’s trial balance on June 30, 20X1, is Debit Credit Cash $ 6,400 Accounts Receivable (net) 24,000 Inventory 18,000 Plant and Equipment (net) 99,300 Accounts Payable $ 11,500 Pen, Capital 59,000 Evan, Capital 49,200 Torves, Capital 28,000 Total $ 147,700 $ 147,700 . The partners share profits and losses as follows: Pen, 50 percent; Evan,...
The Pen, Evan and Torres Partnership have decided to liquidate their partnership by installment. A summary of the liquidation transactions follows: 1. The partnership’s trial balance on June 30, 20X1, is Debit Credit Cash $ 6,400 Accounts Receivable (net) 24,000 Inventory 18,000 Plant and Equipment (net) 99,300 Accounts Payable $ 11,500 Pen, Capital 59,000 Evan, Capital 49,200 Torves, Capital 28,000 Total $ 147,700 $ 147,700 . The partners share profits and losses as follows: Pen, 50 percent; Evan,...
B,M,C Partnership Balance Sheet March 1, 2019 Assets Liabilities $ Accounts Payable $ 120,000 Cash Account Receivable Merchandise Inventory Plant Asses( Net) 60,000 40,000 100,000 200,000 $ $ B Capital M Capital C Capital 85,000 95,000 100,000 $ Total Assets $ 400,000 Total Liabilities & Partner's Equity $ 400,000 The stated ratio for B, M, Care 3:3: and & 4. Required Prepare a Partnership Liquidation schedule. (1) The accounts receivable were collected for $35,000. (2) The inventory was sold for...
e partnership of Adams, Betty, and Charles has the following trial balance on October 30, 2019 Credit Cash Accounts Receivable (net) Inventory Plant and Equipment (net) Accounts Payable Adams, Capital Betty, Capital Charles, Capital Total Debit 30,000 30,000 35,000 215,000 $ 50.000 120,000 90,000 50,000 S 310,000 $ 310,000 The partners share profits and losses as follows: Adams, 50 percent; Betty, 30 percent; and Charles, 20 percent. The partners are considering a total sum offer of S180,000 for the accounts...
answer please Page 3 of 7 B, M, C Partnership Balance Sheet March 1, 2019 Liabilities $ 120,000 Assets Accounts Payable $ $ Cash Account Receivable Merchandise Inventory Plant Asses( Net) 60,000 40,000 100,000 200,000 B Capital M Capital C Capital 85,000 95,000 100,000 $ $ $ Total Assets 400,000 $ 400,000 Total Liabilities & Partner's Equity The stated ratio for B, M, Care 3:3:and & 4. Required Prepare a Partnership Liquidation schedule. (1) The accounts receivable were collected for...
B,M,C Partnership Balance Sheet March 1, 2019 Assets Liabilities $ Accounts Payable $ 120,000 Cash Account Receivable Merchandise Inventory Plant Asses( Net) 60,000 40,000 100,000 200,000 $ $ B Capital M Capital C Capital 85,000 95,000 100,000 $ Total Assets $ 400,000 Total Liabilities & Partner's Equity $ 400,000 The stated ratio for B, M, Care 3:3: and & 4. Required Prepare a Partnership Liquidation schedule. (1) The accounts receivable were collected for $35,000. (2) The inventory was sold for...
Page 3 of 7 B, M, C Partnership t(2) Balance Sheet March 1, 2019 Liabilities Assets 120,000 Cash $ 60,000 40,000 100,000 200,000 Accounts Payable Account Receivable Merchandise Inventory Plant Asses( Net) 85,000 95,000 100,000 $ B Capital М Сapital C Capital $ Total Assets $ 400,000 Total Liabilities & Partner's Equity 400,000 $ The stated ratio for B, M, C are 3:3: and & 4 Required Prepare a Partnership Liquidation schedule. (1) The accounts receivable were collected for $35,000....
Part A The partnership of Wingler, Norris, Rodgers, and Guthrie was formed several years ago as a local architectural firm. Several partners have recently undergone personal financial problems and have decided to terminate operations and liquidate the business. The following balance sheet is drawn up as a guideline for this process: Cash $ 53,000 Liabilities $ 60,000 Accounts receivable 120,000 Rodgers, loan 73,000 Inventory 139,000 Wingler, capital (30%) 177,000 Land 104,000 Norris, capital (10%) 126,000 Building and equipment (net) 187,000...
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...