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 05 Aug 2017 My Price 12.00

Partnership Liquidation

Partnership Liquidation

P4. Josh, John, and Hassan are partners in a retail lighting store. They share income and losses in the ratio of 2:2:1, respectively. The partners have agreed to liquidate the partnership. The partnership balance sheet before the liquidation follows.

 

 

Josh, John, and Hassan Partnership Balance sheet August 31, 2014

Assets Liabilities

Cash $ 280,000 Accounts payable $ 360,000 Other assets 880,000

Partners’ equity

Josh, capital $ 400,000

John, capital 240,000

Hassan, capital 160,000

Total partners’ equity $ 800,000 Total assets $1,160,000 Total liabilities and partners’ equity $1,160,000

 

The other assets were sold on September 1, 2014, for $720,000. Accounts payable were paid on September 4, 2014. The remaining cash was distributed to the partners on Sep- tember 11, 2014.

 

(Continued)

 

 

 

reQUIreD

1. Prepare a statement of liquidation.

2. Prepare the following journal entries:

a. The sale of the other assets.

b. Payment of the accounts payable.

c. The distribution of the loss from realization.

d. The distribution to the partners of the remaining cash.

Answers

Maurice Tutor
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Status NEW Posted 05 Aug 2017 07:08 PM My Price 12.00

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