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Category > Management Posted 13 Oct 2017 My Price 7.00

ABAX is a partnership

Allocating profits and losses to the partners, accounting for the liquidation of a partnership

ABAX is a partnership owned by Alders, Byron, and Calvin, who share profits and losses in the ratio of 1:3:4. The account balances of the partnership at June 30 follow.

ABAX Adjusted Trial Balance June 30, 2012

Account Title

Debit

Credit

Cash

$ 33,000

  

Noncash assets

117,000

  

Notes payable

  

$ 32,000

Alders, capital

  

22,000

Byron, capital

  

50,000

Calvin, capital

  

53,000

Alders, drawing

9,000

  

Byron, drawing

27,000

  

Calvin, drawing

49,000

  

Sales revenue

  

164,000

Salary expense

74,000

  

Rent expense

12,000

  

Totals

$321,000

$321,000

Requirements

1. Prepare the June 30 entries to close the revenue, expense, income summary, and drawing accounts.

2. Insert the opening capital balances in the partners’ capital accounts, post the closing entries to their accounts, and determine each partner’s ending capital.

3. Prepare the June 30 entries to liquidate the partnership assuming the noncash assets are sold for $120,000.

Answers

Maurice Tutor
(5)
Status NEW Posted 13 Oct 2017 12:10 PM My Price 7.00

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