User Account

All Pages

How do show the entry to dissolve the partnership

Assignment Help Financial Accounting
Reference no: EM132672359

January 1, 2020 - The partners decide to liquidate the partnership. They have thefollowing balances:

Cash $12,000,

Accounts Receivable $8,166,

Equipment $110,000,

Accumulated Depreciation $25,000,

Accounts Payable $11,000

The partners were able to collect $3,500 of the accounts receivable and sell the equipment for $52,000.

Required:

Problem a. Show the entry to sell off the assets.

Problem b. Show the entry to allocate the loss on sale to the partners.

Problem c. Show the entry to pay off the business liabilities.

Problem d. Show the entry to dissolve the partnership, allocating cash to the partners.

Reference no: EM132672359

Questions Cloud

Goal of journalism to improve and enhance democracy : Discuss three issues that cause the media to move away from the stated and desired goal of journalism to improve and enhance democracy.
Prepare one bank reconciliation schedule for winwin at march : Prepare one bank reconciliation schedule for Winwin at 31 March 2019. Non-Sufficient Funds cheque from Winwin's customer 250
Costs associated with that growth : Government often grows to meet the demands of the citizenry and so does the costs associated with that growth.
Government and business budget : Describe and discuss differences that are apparent between government and business budget making? Are there any similarities in their profit motives?
How do show the entry to dissolve the partnership : Show the entry to dissolve the partnership, allocating cash to the partners. Show the entry to allocate the loss on sale to the partners.
Public budgeting-evaluate the philosophy of public finance : Evaluate the philosophy of public finance. Compare and contrast governmental accounting with non-governmental accounting.
Prepare relevant journal entries to record the depreciation : Prepare relevant journal entries to record the depreciation expense for the year ended 30 June 2019 and revaluation entries on 30 June 2019
How do discuss statement in relation to inventory items : The 2018 New Zealand Conceptual Framework states, Discuss statement in relation to inventory items that are in transit between the buyer and seller.
Changing public opinion on same-sex marriage : What have some national surveys found with respect to support for same sex marriage? what is one strength of this type of research and what is a weakness?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd