The JJ Partnership is liquidated when the ledger shows: Cash $60,000 Noncash Assets 91,000 Liabilities 42,300 Joseph, Capital 103,000 Julian, Capital 5,700 Joseph and Julian income ratios are 3:2, respectively. Prepare a schedule of cash payments, assuming that the noncash assets were sold for $66,500. Assume that any partner's capital deficiencies cannot be paid to the partnership. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parentheses e.g. (15,000).) Item Cash + JJ Partnership Schedule of Cash Payments Noncash Assets = Liabil
The JJ Partnership is liquidated when the ledger shows: Cash $60,000 Noncash Assets 91,000 Liabilities 42,300 Joseph, Capital 103,000 Julian, Capital 5,700 Joseph and Julian income ratios are 3:2, respectively. Prepare a schedule of cash payments, assuming that the noncash assets were sold for $66,500. Assume that any partner's capital deficiencies cannot be paid to the partnership. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parentheses e.g. (15,000).) Item Cash + JJ Partnership Schedule of Cash Payments Noncash Assets = Liabil
Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations
Section: Chapter Questions
Problem 47P
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Transcribed Image Text:The JJ Partnership is liquidated when the ledger shows:
Cash
$60,000
Noncash Assets
91,000
Liabilities
42,300
Joseph, Capital
103,000
Julian, Capital
5,700
Joseph and Julian income ratios are 3:2, respectively.
Prepare a schedule of cash payments, assuming that the noncash assets were sold for $66,500. Assume that any partner's capital
deficiencies cannot be paid to the partnership. (If an amount reduces the account balance then enter with a negative sign preceding the
number e.g. -15,000 or parentheses e.g. (15,000).)
Item
Cash
+
JJ Partnership
Schedule of Cash Payments
Noncash Assets
=
Liabil
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