I want answer for these questions please. I will give big thumb and Thanks Ali, Ahmed, and Khalid are liquidating their partnership. Before selling the assets and paying the liabilities, the capital balances are Ali, OR 60,000; Ahmed, OR 70,000; and Khalid, OR 50,000. The profit and loss ratio has been 2:3:1 for Ali, Ahmed, and Khalid, respectively. The partnership has OR 35,000 cash, OR 170,000 non cash assets, OR 25,000 accounts payable Required: Journalize the sale of the non-cash assets for OR 200,000, the payment of the liabilities, and the payment to the partners. 2. Discuss admission of new partner by purchasing an existing partner’s interest
I want answer for these questions please. I will give big thumb and Thanks Ali, Ahmed, and Khalid are liquidating their partnership. Before selling the assets and paying the liabilities, the capital balances are Ali, OR 60,000; Ahmed, OR 70,000; and Khalid, OR 50,000. The profit and loss ratio has been 2:3:1 for Ali, Ahmed, and Khalid, respectively. The partnership has OR 35,000 cash, OR 170,000 non cash assets, OR 25,000 accounts payable Required: Journalize the sale of the non-cash assets for OR 200,000, the payment of the liabilities, and the payment to the partners. 2. Discuss admission of new partner by purchasing an existing partner’s interest
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I want answer for these questions please. I will give big thumb and Thanks
- Ali, Ahmed, and Khalid are liquidating their partnership. Before selling the assets and paying the liabilities, the capital balances are Ali, OR 60,000; Ahmed, OR 70,000; and Khalid, OR 50,000. The
profit and loss ratio has been 2:3:1 for Ali, Ahmed, and Khalid, respectively. The partnership has OR 35,000 cash, OR 170,000 non cash assets, OR 25,000 accounts payable
Required: Journalize the sale of the non-cash assets for OR 200,000, the payment of the liabilities, and the payment to the partners.
2. Discuss admission of new partner by purchasing an existing partner’s interest
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