QS 12-13 (Algo) Part 3 No Required information QS 12-13 (Algo) Liquidation of partnership LO P5 [The following information applies to the questions displayed below.] 3. Assume that the partner with a deficit does not reimburse the partnership. Prepare journal entries (a) to transfer the deficit to the other partners and (b) to record the final disbursement of cash to the partners. 1 The Field, Brown & Snow are partners and share income and losses equality. The partner decide to liquidate the partnership when their capital balances are as follows: Field, $131,400; Brown, $167,200; and Snow, $154,500. On May 31, the liquidation resulted in a loss of $405,600. 2 Transaction (a) (b) Brown, Capital Snow, Capital Field, Capital Brown, Capital Snow, Capital Cash Answer is complete but not entirely correct. General Journal ✔ ✓ ›› › ✓ ✓ Debit 1,900✔ 1,900 32,000 X 19,300 Credit 3,800✔ 47,500✔
QS 12-13 (Algo) Part 3 No Required information QS 12-13 (Algo) Liquidation of partnership LO P5 [The following information applies to the questions displayed below.] 3. Assume that the partner with a deficit does not reimburse the partnership. Prepare journal entries (a) to transfer the deficit to the other partners and (b) to record the final disbursement of cash to the partners. 1 The Field, Brown & Snow are partners and share income and losses equality. The partner decide to liquidate the partnership when their capital balances are as follows: Field, $131,400; Brown, $167,200; and Snow, $154,500. On May 31, the liquidation resulted in a loss of $405,600. 2 Transaction (a) (b) Brown, Capital Snow, Capital Field, Capital Brown, Capital Snow, Capital Cash Answer is complete but not entirely correct. General Journal ✔ ✓ ›› › ✓ ✓ Debit 1,900✔ 1,900 32,000 X 19,300 Credit 3,800✔ 47,500✔
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Haresh
![!
No
1
Required information
QS 12-13 (Algo) Liquidation of partnership LO P5
[The following information applies to the questions displayed below.]
QS 12-13 (Algo) Part 3
3. Assume that the partner with a deficit does not reimburse the partnership. Prepare journal entries (a) to transfer the deficit to the
other partners and (b) to record the final disbursement of cash to the partners.
2
The Field, Brown & Snow are partners and share income and losses equality. The partner decide to liquidate the
partnership when their capital balances are as follows: Field, $131,400; Brown, $167,200; and Snow, $154,500. On May 31,
the liquidation resulted in a loss of $405,600.
Transaction
(a)
(b)
Brown, Capital
Snow, Capital
Field, Capital
Brown, Capital
Snow, Capital
Cash
Answer is complete but not entirely correct.
General Journal
›› ›
Debit
1,900
1,900
32,000 X
19,300
Credit
3,800
47,500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8efe84f5-0a74-491d-be11-f8fd6e505c36%2F003cab65-44a6-49a6-9d47-9bab65657e07%2Fjcg4bik_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
No
1
Required information
QS 12-13 (Algo) Liquidation of partnership LO P5
[The following information applies to the questions displayed below.]
QS 12-13 (Algo) Part 3
3. Assume that the partner with a deficit does not reimburse the partnership. Prepare journal entries (a) to transfer the deficit to the
other partners and (b) to record the final disbursement of cash to the partners.
2
The Field, Brown & Snow are partners and share income and losses equality. The partner decide to liquidate the
partnership when their capital balances are as follows: Field, $131,400; Brown, $167,200; and Snow, $154,500. On May 31,
the liquidation resulted in a loss of $405,600.
Transaction
(a)
(b)
Brown, Capital
Snow, Capital
Field, Capital
Brown, Capital
Snow, Capital
Cash
Answer is complete but not entirely correct.
General Journal
›› ›
Debit
1,900
1,900
32,000 X
19,300
Credit
3,800
47,500
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