Delow is the balance sheet of Gold Ace Company immediately liquidation of the partnership: P500,000.00 1,900,000.00 P2,400,000.00 Cash Non-cash assets Total Liabilities P1,100,000.00 Capital Salazar 480,000.00 320,000.00 500,000.00 P2,400,000.00 Nenubla Gomez Total The partners share profits and losses in the ratio 50%, 30%, 20%. It is ssumed that Salazar and Gomez have personal assets which are sufficient ir mount to "make good" capital debit balances which may be created during the quidation process. The non-cash assets of the partnership are realized in the mount of P600,000,00. Give the schedule of liquidation and the corresponding ournal entries assuming a) nothing is realized from the three partners; b) capita Leficiencies are paid.
Delow is the balance sheet of Gold Ace Company immediately liquidation of the partnership: P500,000.00 1,900,000.00 P2,400,000.00 Cash Non-cash assets Total Liabilities P1,100,000.00 Capital Salazar 480,000.00 320,000.00 500,000.00 P2,400,000.00 Nenubla Gomez Total The partners share profits and losses in the ratio 50%, 30%, 20%. It is ssumed that Salazar and Gomez have personal assets which are sufficient ir mount to "make good" capital debit balances which may be created during the quidation process. The non-cash assets of the partnership are realized in the mount of P600,000,00. Give the schedule of liquidation and the corresponding ournal entries assuming a) nothing is realized from the three partners; b) capita Leficiencies are paid.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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i need JOURNAL ENTRIES , a, b, and schedule of liquidation.
Transcribed Image Text:Problem 3
liquidation of the partnership
etow is the balance sheet of Gold Ace Company immediately prior to the
P500,000.00
1,900,000.00
P2,400,000.00
Cash
Non-cash assets
Total
Liabilities
P1,100,000.00
Capital
Salazar
480,000 00
320,000.00
500,000.00
P2,400,000.00
Nenubla
Gomez
Total
The partners share profits and losses in the ratio 50%, 30%, 20%. It is
assumed that Salazar and Gomez have personal assets which are sufficient in
amount to make good" capital debit balances which may be created during the
liquidation process. The non-cash assets of the partnership are realized in the
amount of P600,000,00. Give the schedule of liquidation and the corresponding
journal entries assuming a) nothing is realized from the three partners, b) capital
đeficiencies are paid.
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