March, April, and May have been in partnership for a number of years. The partners allocate all profits and losses on a 2:3:1 basis, respectively. Recently, each partner has become personally insolvent and, thus, the partners have decided to liquidate the business hopes of remedying their personal financial problems. As of September 1, the partnership's balance sheet is as follows: Cash Accounts receivable Inventory. Land, building, and equipment (net) Total assets Liabilities March, capital. 93,000 April, capital 54,000 May, capital $281,000 Total liabilities and capital a. Sold all inventory for $69,000 cash. b. Paid $11,400 in liquidation expenses. $ 24,000 110,000 Prepare journal entries for the following transactions: (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) c. Paid $53,000 of the partnership's liabilities. d. Collected $62,000 of the accounts receivable. e. Distributed safe payments of cash; the partners anticipate no further liquidation expenses. f. Sold remaining accounts receivable for 20 percent of face value. $ 96,000 38,000 88,000 59,000 $281,000 g. Sold land, building, and equipment for $30,000. h. Paid all remaining liabilities of the partnership. i. Distributed cash held by the business to the partners.

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Partnership Accounting

A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc. 

Partner Admission and Withdrawal

A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.