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After discontinuing the ordinary business operations and closing the accounts on May 7, the ledger of the partnership indicate the following:Cash $75,000Non cash 105,000Liabilities $27,500Anna, Capital $45,000Brian Capital $15,000Cole Capital $25,000Partners 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 liquidationB 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
Define the term- How are businesses organised Nearly all businesses which involve more than a few owners and/or employees are set up as limited companies. This means that finan
what type of transaction is a service revenue earned on account? a) asset source, b) asset use, c) asset exchange or d) claims exchange?
Problems due to Piecemeal realizations These interim distributions give rise to two problems: Partners have not always contributed capitals in the same ratio as that in w
1. Select a publicly traded company (preferably manufacturing oriented; do not use a financial services company such as a bank or a bank holding company) and obtain a copy of their
Time tickets for factory employees during the month of August are summarized as follows. Prepare a journal entry to record the total factory payroll, the indirect payroll and the d
Question 1 Explain the functions of merchant banking and functions of financial intermediaries Question 2 What do you understand by book building and Green shoe option? Ex
Q. What do you mean by depreciation? What are the causes for depreciation? Explain the two methods of depreciation. Depreciation means a fall in the quality, quantity or value o
Sigma is thinking about purchasing a new clam digger for $14,000. The expected net cash flows resulting from the digger are $9,000 in year 1, $7,000 in year 2, $5,000 in year 3, an
Profit for the period The profit for the period has been arrived at after charging the following expenses: Normal 0 false false false EN-US X-NONE
Sales volume reaches the maximum capacity of the new machine in Year 4. The positive NPV point to that the investment in Machine Two is financially acceptable althoug
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