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A. Bob, Gary and Bob, who share profits and losses in the ratio of 4:4:2, respectively, decide to liquidate their partnership on December 31, 2019. The condensed statement of financial position is presented below just prior to liquidation. Cash Other Assets Total Assets Case A Case B ASSETS P 700,000 500,000 P BGC Partnership Statement of Financial Position December 31, 2019 40,000 680,000 P 720,000 Case C Case D LIABILITIES AND EQUITY Liabilities Gary, Loan Crab, Loan Bob, Capital Gary, Capital Crab, Capital Total Liabilities and Equity Instruction: Prepare a statement of Liquidation and the required journal entries for each of the following cases and supporting schedule of cash distribution, if necessary assuming cash is immediately distributed to the proper parties. Assume also that the deficient partner/s will invest cash which is then distributed as second payment to the proper parties. P 370,000 340,000 Case E Case F 17/90 P 224,000 10,000 16,000 P 250,000 180,000 190,000 120,000 160,000 P 720,000

A. Bob, Gary and Bob, who share profits and losses in the ratio of 4:4:2, respectively, decide to liquidate their partnership on December 31, 2019. The condensed statement of financial position is presented below just prior to liquidation. Cash Other Assets Total Assets Case A Case B ASSETS P 700,000 500,000 P BGC Partnership Statement of Financial Position December 31, 2019 40,000 680,000 P 720,000 Case C Case D LIABILITIES AND EQUITY Liabilities Gary, Loan Crab, Loan Bob, Capital Gary, Capital Crab, Capital Total Liabilities and Equity Instruction: Prepare a statement of Liquidation and the required journal entries for each of the following cases and supporting schedule of cash distribution, if necessary assuming cash is immediately distributed to the proper parties. Assume also that the deficient partner/s will invest cash which is then distributed as second payment to the proper parties. P 370,000 340,000 Case E Case F 17/90 P 224,000 10,000 16,000 P 250,000 180,000 190,000 120,000 160,000 P 720,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A. Bob, Gary and Bob, who share profits and losses in the ratio of 4:4:2, respectively, decide to liquidate their partnership on December 31, 2019. The condensed statement of financial position is presented below just prior to liquidation. Cash Other Assets Total Assets ASSETS Case A P 700,000 Case B 500,000 P BGC Partnership Statement of Financial Position December 31, 2019 40,000 680,000 P 720,000 Case C Case D LIABILITIES AND EQUITY Liabilities Gary, Loan Crab, Loan Bob, Capital Gary, Capital Crab, Capital Total Liabilities and Equity P 370,000 340,000 Instruction: Prepare a statement of Liquidation and the required journal entries for each of the following cases and supporting schedule of cash distribution, if necessary assuming cash is immediately distributed to the proper parties. Assume also that the deficient partner/s will invest cash which is then distributed as second payment to the proper parties. Case E Case F 17/90 P 250,000 180,000 P 224,000 10,000 16,000 190,000 120,000 160,000 P 720,000 ...
Transcribed Image Text:A. Bob, Gary and Bob, who share profits and losses in the ratio of 4:4:2, respectively, decide to liquidate their partnership on December 31, 2019. The condensed statement of financial position is presented below just prior to liquidation. Cash Other Assets Total Assets ASSETS Case A P 700,000 Case B 500,000 P BGC Partnership Statement of Financial Position December 31, 2019 40,000 680,000 P 720,000 Case C Case D LIABILITIES AND EQUITY Liabilities Gary, Loan Crab, Loan Bob, Capital Gary, Capital Crab, Capital Total Liabilities and Equity P 370,000 340,000 Instruction: Prepare a statement of Liquidation and the required journal entries for each of the following cases and supporting schedule of cash distribution, if necessary assuming cash is immediately distributed to the proper parties. Assume also that the deficient partner/s will invest cash which is then distributed as second payment to the proper parties. Case E Case F 17/90 P 250,000 180,000 P 224,000 10,000 16,000 190,000 120,000 160,000 P 720,000 ...
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