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Find how to prepare the liquidation journal entries

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Reference no: EM132744588

Lump-Sum Liquidation A. Gold, Titanium, and  Gold, Titanium, and Silver decided to liquidate their partnership on June 30, 2020. The partners shared profits and losses in the ratio of 2:2:1, respectively, The firm's post- closing trial balance follows:

Silver , Post-Closing Trial Balance June 30, 2020

Cash P 419,170

Merchandise Inventory 612,300

Other Assets 472,680

Accounts Payable P 131,350

Gold, Capital 561,600

Titanium, Capital 436,800

Silver, Capital 374,400

The merchandise inventory and the other assets were sold for P582,800 and P550,900, respectively.

Problem 1: How to prepare the liquidation journal entries? what are the steps?

Problem 2: How to prepare the statement of liquidation? what are the steps?

Reference no: EM132744588

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