Problem Solving :a. Gulane, Tormis and Sailadin decided to Liquidate their partnership in June 30, 2018.The partners shared profits and losses in the ratio 2:2:1 respectively. The firms postclosing trial balance follows:Gulane, Tormis and SailadinPost Closing Trial BalanceJune 30, 2018Account NameDebitCreditP 419,170CashMerchandise InventoryOther AssetsAccounts PayableGulane CapitalTormis CapitalSailadin, Capital612,300472,680P 131,350561,600436.800374,4001.504,1501.504.150The merchandise inventory and the other assets were sold for P 582,800 and P550,900 respectively.Required : Prepare the Liquidation journal entries.

Problem Solving : a. Gulane, Tormis and Sailadin decided to Liquidate their partnership in June 30, 2018. The partners shared profits and losses in the ratio 2:2:1 respectively. The firms post closing trial balance follows: Gulane, Tormis and Sailadin Post Closing Trial Balance June 30, 2018 Account Name Debit Credit P 419,170 612,300 472,680 Cash Merchandise Inventory Other Assets Accounts Payable Gulane Capital Tormis Capital Sailadin, Capital P 131,350 561,600 436,800 374,400 1.504,150 1.504,150 The merchandise inventory and the other assets were sold for P 582,800 and P 550,900 respectively. Required : Prepare the Liquidation journal entries.

Problem Solving : a. Gulane, Tormis and Sailadin decided to Liquidate their partnership in June 30, 2018. The partners shared profits and losses in the ratio 2:2:1 respectively. The firms post closing trial balance follows: Gulane, Tormis and Sailadin Post Closing Trial Balance June 30, 2018 Account Name Debit Credit P 419,170 612,300 472,680 Cash Merchandise Inventory Other Assets Accounts Payable Gulane Capital Tormis Capital Sailadin, Capital P 131,350 561,600 436,800 374,400 1.504,150 1.504,150 The merchandise inventory and the other assets were sold for P 582,800 and P 550,900 respectively. Required : Prepare the Liquidation journal entries.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Subject- accounting
NOWV2 | Online teach X b My Questions | bartleby /ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=D&inprogress%=false E Calculator A summary of the liquidation process whereby cash is distributed to the partners based on the balances in their capital accounts. Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $27,600, $39,300, and $17,400, respectively. noncash assets, and liabilities total $44,100, $72,900, and $32,700, respectively. Between July 1 and July 29, the noncash assets are sold for $58,500, the liabilities are paid, an- remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1. Prepare a statement of partnership liquidation for the period July 1-29. Enter any subtractions (balance deficiencies, payments, cash distributions, divisions of loss, sale of assets) negative…
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On January 1, the partners of Van, Bakel, and Cox (who share profits and losses in the ratio of 5:3:2, respectively) decide to terminate operations and liquidate their partnership. The trial balance at this date follows: Cash Accounts receivable Inventory Machinery and equipment, net Van, loan Accounts payable Bakel, loan Van, capital Bakel, capital Cox, capital Totals February $ March Debit 36,000 102,000 88,000 225,000 66,000 $ Credit 95,000 56,000 The partners plan a program of piecemeal conversion of the partnership's assets to minimize liquidation losses. All available cash, less an amount retained to provide for future expenses, is to be distributed to the partners at the end of each month. A summary of the liquidation transactions follows: January 166,000 108,000 92,000 $ 517,000 $ 517,000 Collected $69,000 of the accounts receivable; the balance is deemed uncollectible. Received $56,000 for the entire inventory. Paid $4,000 in liquidation expenses. Paid $90,000 to the outside…
A1
a. The total restricted interest in the month of April amounted to:b. The cash received by Lawrence in the 1st month amounted to:
Financial Statements for Partnership The ledger of Camila Ramirez and Ping Xue, attorneys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31, 20Y2: Ramirez and Xue Trial Balance December 31, 20Y2 Debit Balances Credit Balances Cash 40,700 Accounts Receivable 38,800 Supplies 1,500 Land 97,000 Building 105,600 Accumulated Depreciation—Building 60,600 Office Equipment 44,600 Accumulated Depreciation—Office Equipment 18,800 Accounts Payable 28,900 Salaries Payable 3,100 Camila Ramirez, Capital 100,000 Camila Ramirez, Drawing 43,700 Ping Xue, Capital 58,200 Ping Xue, Drawing 63,100 Professional Fees 349,200 Salary Expense 141,600 Depreciation Expense—Building 14,100 Heating and Lighting Expense 7,000 Depreciation Expense—Office Equipment 4,400 Property Tax Expense 8,700 Supplies Expense 5,000…
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