Given information for question below: MAQHUZE WELDERS had the following balances when they commenced a simultenous liquidation of the partnership: Welding equipment (cost). Welding equipment (accumulated depreciation).. Trade receivables.. Trade payables.. 432 000 145 800 ... 70 200 32 400 ............ The following transactions took place as part of the liquidation: 1. Welding equipment were sold for... 2. Debtors settled their accounts in full 216000 3. On settlement, the creditors granted a settlement discount of.. 3. Liquidation costs amounted to.... 1700 27000 ........... QUESTION 1 Which one of the following alternatives represents the correct net profit (or loss) made on the simultaneous liquidation? A. 68 500 B. 74 500 C. 89 400 D. 76 200

Given information for question below: MAQHUZE WELDERS had the following balances when they commenced a simultenous liquidation of the partnership: Welding equipment (cost). Welding equipment (accumulated depreciation).. Trade receivables.. Trade payables.. 432 000 145 800 ... 70 200 32 400 ............ The following transactions took place as part of the liquidation: 1. Welding equipment were sold for... 2. Debtors settled their accounts in full 216000 3. On settlement, the creditors granted a settlement discount of.. 3. Liquidation costs amounted to.... 1700 27000 ........... QUESTION 1 Which one of the following alternatives represents the correct net profit (or loss) made on the simultaneous liquidation? A. 68 500 B. 74 500 C. 89 400 D. 76 200

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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Required: Prepare a statement of Partnership Liquidation
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Financial Accounting and Reporting Topic: Liquidation – Installment
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