The balance of the partnership of cel and Paul as of December. 31, 2001 is shown below: Cel and Paul Balance Sheet December 3 1, 2001 Assets Liabilities and Capital Cash 40,000 Liabilities 264,000 Other Assets 400,000 Cel, Loan 36,000 Paul, Loan 40,000 Cel, Capital 80,000 Paul, Capital 20 000 The other assets were realized for P268,000, and all cash was disbursed. Division of profits and losses are: Cel Paul Case I 90% 10% Case 2 70% 30% Case 3 50% 50% Instructions: Prepare the partnership liquidation statement and journal entries to

The balance of the partnership of cel and Paul as of December. 31, 2001 is shown below: Cel and Paul Balance Sheet December 3 1, 2001 Assets Liabilities and Capital Cash 40,000 Liabilities 264,000 Other Assets 400,000 Cel, Loan 36,000 Paul, Loan 40,000 Cel, Capital 80,000 Paul, Capital 20 000 The other assets were realized for P268,000, and all cash was disbursed. Division of profits and losses are: Cel Paul Case I 90% 10% Case 2 70% 30% Case 3 50% 50% Instructions: Prepare the partnership liquidation statement and journal entries to

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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