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Category > Accounting Posted 25 Sep 2017 My Price 8.00

partnership of Ace, Ben, Cid, and Don

Statement of partnership liquidation—Partner insolvency case

The partnership of Ace, Ben, Cid, and Don is dissolved on January 5, 2011, and the account balances at June 30, 2011, after all noncash assets are converted into cash, are as follows:

 

Debits

Credits

Cash

$200,000

  

Cid capital (20%)

170,000

  

Don capital (10%)

80,000

  

Accounts payable

  

$400,000

Ace capital (50%)

  

40,000

Ben capital (20%)

  

10,000
 

$450,000

$450,000

ADDITIONAL INFORMATION

1. The percentages indicated represent the relevant profit and loss sharing ratios.

2. Personal assets and liabilities of the partners at June 30, 2011, are as follows:

 

Personal Assets

Personal Liabilities

Ace

$600,000

$300,000

Ben

100,000

150,000

Cid

400,000

300,000

Don

100,000

20,000

3. Ace pays $200,000 into the partnership, and partnership liabilities are paid on July 1, 2011.

4. On July 15, 2011, Cid pays $100,000 into the partnership and Don pays $80,000. No further contributions from either Cid or Don are possible.

5. Losses from the bankruptcy of Cid are divided among the solvent partners on July 15, 2011.

6. Available cash is distributed and the partnership books are closed on July 31, 2011.

REQUIRED: Prepare a liquidation statement for the Ace, Ben, Cid, and Don partnership for the period June 30, 2011, to July 31, 2011.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 03:09 PM My Price 8.00

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