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dissolve the joint ven namely managing part

dissolve the joint ven namely managing part

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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4.10. The joint venture activities of M, N, and O proved unprofitable, and the allies agreed to dissolve the joint venture. Estimates with the company and other partners in M's books, namely managing partners before dissolution and liquidation, are as follows: Dbet Credit Cash joint venture $12,000 Joint venture 6,500 Capital N $ 14,500 Capital O 6,500 The remaining assets of the company are sold by M for 53,500 He was given a special reward of $300 for his services in liquidating the company the remaining profit or loss was divided equally (a) Prepare the journal entries, which must be made in book M if he liquidates the company and makes settlements with the other partners. (b) Arrange the journal entries, which must be made in separate books N and O on the liquidation and settlement of the company T
Transcribed Image Text:4.10. The joint venture activities of M, N, and O proved unprofitable, and the allies agreed to dissolve the joint venture. Estimates with the company and other partners in M's books, namely managing partners before dissolution and liquidation, are as follows: Dbet Credit Cash joint venture $12,000 Joint venture 6,500 Capital N $ 14,500 Capital O 6,500 The remaining assets of the company are sold by M for 53,500 He was given a special reward of $300 for his services in liquidating the company the remaining profit or loss was divided equally (a) Prepare the journal entries, which must be made in book M if he liquidates the company and makes settlements with the other partners. (b) Arrange the journal entries, which must be made in separate books N and O on the liquidation and settlement of the company T
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