Do it in 30 minutes, please Question 3:The partners in X company decide to liquidate the firm when the balance sheets shows the followings:AssetsBDTLiabilities and EquityBDTCash27,500 Notes payable25,000 Accounts payable(1,000) Salaries payable34,500 A capital21,000 S capital(5,500) P capital101,50013,500Accounts receivable27,000Doubtful account4,000InventoryEquipmentAccumulated depreciation of Equipment33,00021,0003,000101,500The partners share income and loss 5:3:2. During the process of liquidation, the following transaction were completed:a) A total of BDT 51,000 was received from converting noncash into cashb) Gain or loss on realization was allocated to partnersc) Liabilities were paid in fulld) P paid his capital deficiencye) Cash was paid to the partners with credit balances.Instructions:a) Prepare the entries to record the transactionsb) Post to the cash and capital accounts

Journal entry , cash and capital accounts are as follows.

The partners share income and loss 5:3:2. During the process of liquidation, the following transaction were completed: a) A total of BDT 51,000 was received from converting noncash into cash b) Gain or loss on realization was allocated to partners c) Liabilities were paid in full d) P paid his capital deficiency e) Cash was paid to the partners with credit balances. Instructions: a) Prepare the entries to record the transactions b) Post to the cash and capital accounts

The partners share income and loss 5:3:2. During the process of liquidation, the following transaction were completed: a) A total of BDT 51,000 was received from converting noncash into cash b) Gain or loss on realization was allocated to partners c) Liabilities were paid in full d) P paid his capital deficiency e) Cash was paid to the partners with credit balances. Instructions: a) Prepare the entries to record the transactions b) Post to the cash and capital accounts

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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