Homework Answers
| Realization Account | |||||
| Accounts Receivable | 10000 | Accounts Payable | 15000 | ||
| Furniture | 10000 | Other Liabilities | 24000 | ||
| Equipment | 15000 | ||||
| Other assets | 7000 | Cash (Realization of accounts receivables) | 10000 | ||
| Cash (Sale of Furniture & Equipment) | 17000 | ||||
| Cash (Payment to Accounts payable & Other Liabilities) | 39000 | Net Loss: (3:2:1) | |||
| Ryan, Capital (15,000 x 3/6) | 7500 | ||||
| Peter, Capital (15,000 x 2/6) | 5000 | ||||
| James, Capital (15,000 x 1/6) | 2500 | 15000 | |||
| Total | 81000 | Total | 66000 | ||
Cash should be paid to Ryan = Ryan, capital - Net loss = $9,000 - $7500 = $1,500
Cash should be paid to Peter = Peter, capital - Net loss = $10,000 - $5,000 = $5,000
Cash should bring by James = Net Loss - James, Capital = $2,500 - $2,000 = $500.
In James case, Net loss is more than his capital therefore he should bring $500 to settle his liability.
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