Prepare a statement of partnership liquidation, Financial Accounting

After discontinuing the ordinary business operations and closing the accounts on May 7, the ledger of the partnership indicate the following:
Cash $75,000
Non cash 105,000
Liabilities $27,500
Anna, Capital $45,000
Brian Capital $15,000
Cole Capital $25,000
Partners share net income and losses in the ratio of 3:2:1 between May 7-30 the non cash assets were sold for $150,000 the liabilities were paid and the remaining cash was distributed to the partners.
A Prepare a statement of partnership liquidation
B Assume the same facts as in A. except that non cash assets were sold for $45,000 and any partner with a capital deficiency pays the amount of the deficiency to the partnership. Prepare a statement of partnership liquidation

Posted Date: 2/26/2014 2:10:56 AM | Location : United States







Related Discussions:- Prepare a statement of partnership liquidation, Assignment Help, Ask Question on Prepare a statement of partnership liquidation, Get Answer, Expert's Help, Prepare a statement of partnership liquidation Discussions

Write discussion on Prepare a statement of partnership liquidation
Your posts are moderated
Related Questions
How do you create an Excel document with several financial statements, all linked together with specific financial data?


I am an AAT student studying lvl 3 AAT at college. I wish to learn how to complete self assessment end of year tax return forms for other people. That is because I have already bee

Disclaimer of leases In principle where the bankrupt is a lessee the lease cannot be disclaimed without leave of the court; but such leave is not required in the following case

Steinberg Corporation and Dietrich Corporation are identical firms except that Dietrich is more levered. Both companies will remain in business for one more year. The companies' ec

Consider two individuals with endowments of 60 hours per week of leisure, nonlabour income of $Y per week, and a wage of $7.50.  At this wage assume that workers are constrained by



ACCOUNTS REQUIRED This can be summarized depending on the nature of the situation. In a receivership you may be required to prepare a receivers receipt and payments. In the pro

Did ford realize any gain or loss from securty sales during 2009?