A part from running Min Armin Wasteage Minnie has also been involved in a partnershipwith her cousin Max. While the business has been running quite well both Max andMinnie have decided it is time to move on. The latest balance sheet for the business isoutlined below.AssetsLiabilitiesAccounts PayableAccrued Expenses70,00662,00030,60030,44059,56079,200192,00019,7389,3002,800CashAccounts ReceivableInventoryOffice EquipmentMotor VehiclesWarehouseLand12,100EquityМаx319,444212,000MinnieGoodwill531,444543,544543,544Max and Minnie have been offered $450,000 for all the non-cash assets of the businessand they have decided to accept the offer. As Max has spent more time with the businessprofit and losses are shared 60% to Max and 40% to Minnie.Required1. Show the journal entries required to dissolve the partnership.

Dissolution of Partnership While doing the process of dissolution of partnership first priority to…

Land 192,000 Minnie 212,000 Goodwill 19,738 531,444 543,544 543,544 Max and Minnie have been offered $450,000 for all the non-cash assets of the business and they have decided to accept the offer. As Max has spent more time with the business profit and losses are shared 60% to Max and 40% to Minnie. Required 1. Show the journal entries required to dissolve the partnership.

Land 192,000 Minnie 212,000 Goodwill 19,738 531,444 543,544 543,544 Max and Minnie have been offered $450,000 for all the non-cash assets of the business and they have decided to accept the offer. As Max has spent more time with the business profit and losses are shared 60% to Max and 40% to Minnie. Required 1. Show the journal entries required to dissolve the partnership.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Need journal entries
Required information Skip to question In the AD partnership, Allen's capital is $140,000 and Daniel's is $40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David to the partnership. Each of the following questions is independent of the others. Refer to the information provided above. David invests $50,000 for a one-fifth interest. What amount of goodwill will be recorded? Multiple Choice A. $4,000 B. $20,000 C. $40,000 D. $15,000
please do not provide solution in image format thank you!
Gadubhai
Question #2: Toto profit 56,000 The ABCD Partnership has the following balance sheet at January 1, 2012, prior to the admission of new partner, Eden. Cash and current assets Land Building and equipment Total $ 39,000 234,000 130,000 $ 403,000 Liabilities Adams, capital Barnes, capital Cordas, capital Davis, capital Total $ 52,000 26,000 52,000 117,000 156,000 $ 403,000 Eden contributed $124,000 in cash to the business to receive a 20% interest in the partnership. Goodwill was to be recorded. The four original partners shared all profits and losses equally. After Eden made his investment, what were the individual capital balances?
plz solve??
Use the information to solve problem (a) completely please
24. Show solution in good accounting form
Please do not give solution in image format ?
Hw.114.
Subject: accounting
Please do not give solution in image format thanku