In January 2019, the events took place during the process of liquidating the partnership: Jan. 6 Accounts receivable of P151,500 are collected, and the allowance for uncollectible accounts is written off the books. Merchandise inventory is sold for P160,500. A refund on the prepaid insurance is expected totaling P3,000. Property and equipment were sold lump sum to Sibug Company for P111,000. The mortgage on the building was also transferred to Sibug. The remaining creditors were paid in full. The deficit in Masinsin's capital account was absorbed by Tugade and Biore. The deficit in Tugade's capital account was absorbed by Biore. The remaining partnership cash is distributed to Biore. 9. 11 14 20 20 20 24 Required: Prenare the journal entries to record the transactions. Allocate any gain or
In January 2019, the events took place during the process of liquidating the partnership: Jan. 6 Accounts receivable of P151,500 are collected, and the allowance for uncollectible accounts is written off the books. Merchandise inventory is sold for P160,500. A refund on the prepaid insurance is expected totaling P3,000. Property and equipment were sold lump sum to Sibug Company for P111,000. The mortgage on the building was also transferred to Sibug. The remaining creditors were paid in full. The deficit in Masinsin's capital account was absorbed by Tugade and Biore. The deficit in Tugade's capital account was absorbed by Biore. The remaining partnership cash is distributed to Biore. 9. 11 14 20 20 20 24 Required: Prenare the journal entries to record the transactions. Allocate any gain or
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 58P
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