Guess, Drawing (debit balance) Levis, Drawing (debit balance) Jag, Loan Guess, Capital
Guess, Drawing (debit balance) Levis, Drawing (debit balance) Jag, Loan Guess, Capital
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
![The partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019.
Profits and losses are shared 50%; 30%; and 20%, respectively.
C.
Guess, Drawing (debit balance)
Levis, Drawing (debit balance)
Jag, Loan
Guess, Capital
Jag, Capital
Levis, Capital
P (32,000)
(12,000)
40,000
164,000
134,000
144,000
Total assets amounted to P 638,000, including cash of P 70,000, and P 200,000 worth of liabilities. On
January 2019, the partnership was liquidated, and Jag received P 111,000 cash as final settlement.
Required:
1.
The total loss from the liquidation of the partnership
Prepare the statement of liquidation.
Journal entries to record the liquidation.
2.
3.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffbb00f21-b1f8-42cc-8209-eb2ff3b62b8c%2F02eb698a-d5ed-48a3-b2c5-5dc97137f68b%2Fsq2gkjn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019.
Profits and losses are shared 50%; 30%; and 20%, respectively.
C.
Guess, Drawing (debit balance)
Levis, Drawing (debit balance)
Jag, Loan
Guess, Capital
Jag, Capital
Levis, Capital
P (32,000)
(12,000)
40,000
164,000
134,000
144,000
Total assets amounted to P 638,000, including cash of P 70,000, and P 200,000 worth of liabilities. On
January 2019, the partnership was liquidated, and Jag received P 111,000 cash as final settlement.
Required:
1.
The total loss from the liquidation of the partnership
Prepare the statement of liquidation.
Journal entries to record the liquidation.
2.
3.
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