Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 16 Aug 2017 My Price 4.00

Winner and Perry partnership

Partnership Liquidation

e9A. Assume the following assets, liabilities, and partners’ equity in the Winner and Perry partnership on December 31, 2014:

 

Assets

5        Liabilities

1

Winner, Capital

1        Perry, Capital

$320,000

=             $20,000

1

$180,000

+               $120,000

The partnership has no cash. When the partners agree to liquidate the business, the assets are sold for $240,000, and the liabilities are paid. Winner and Perry share income and losses in a ratio of 3:1.

1.    Prepare a statement of liquidation.

2.    Prepare journal entries for the sale of assets, payment of liabilities, distribution of loss from realization, and final distribution of cash to Winner and Perry.

Answers

Maurice Tutor
(5)
Status NEW Posted 16 Aug 2017 10:08 PM My Price 4.00

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