Partnership It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio. Liquidating Partnership The winding up of process of partnership is called liquidation of partnership. At the time of liquidation of partnership realization of account is prepared. To determine: The amount of B’s deficiency.

Question

Please provide the solution to this financial accounting question using proper accounting principles.

Answer 1

Question

Chapter 12, Problem 12.6BPE

a.

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

Liquidating Partnership

The winding up of process of partnership is called liquidation of partnership. At the time of liquidation of partnership realization of account is prepared.

To determine: The amount of B’s deficiency.

b.

To determine

The amount distributed to P.

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Answer 2

Question

Chapter 12, Problem 12.6BPE

a.

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

Liquidating Partnership

The winding up of process of partnership is called liquidation of partnership. At the time of liquidation of partnership realization of account is prepared.

To determine: The amount of B’s deficiency.

b.

To determine

The amount distributed to P.

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Answer 3

Question

Chapter 12, Problem 12.6BPE

a.

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

Liquidating Partnership

The winding up of process of partnership is called liquidation of partnership. At the time of liquidation of partnership realization of account is prepared.

To determine: The amount of B’s deficiency.

b.

To determine

The amount distributed to P.

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Answer 4

Question

Chapter 12, Problem 12.6BPE

a.

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

Liquidating Partnership

The winding up of process of partnership is called liquidation of partnership. At the time of liquidation of partnership realization of account is prepared.

To determine: The amount of B’s deficiency.

b.

To determine

The amount distributed to P.

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Answer 5

Chapter 12, Problem 12.6BPE

a.

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

Liquidating Partnership

The winding up of process of partnership is called liquidation of partnership. At the time of liquidation of partnership realization of account is prepared.

To determine: The amount of B’s deficiency.

b.

To determine

The amount distributed to P.

Answer 6

Chapter 12, Problem 12.6BPE

a.

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

Liquidating Partnership

The winding up of process of partnership is called liquidation of partnership. At the time of liquidation of partnership realization of account is prepared.

To determine: The amount of B’s deficiency.

Answer 7

Chapter 12, Problem 12.6BPE

a.

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

Liquidating Partnership

The winding up of process of partnership is called liquidation of partnership. At the time of liquidation of partnership realization of account is prepared.

To determine: The amount of B’s deficiency.

Answer 8

b.

To determine

The amount distributed to P.

Answer 9

b.

To determine

The amount distributed to P.

Answer 10

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Answer 21

Ch. 12 - Prob. 1DQ Ch. 12 - Prob. 2DQ Ch. 12 - Prob. 3DQ Ch. 12 - Prob. 4DQ Ch. 12 - Prob. 5DQ Ch. 12 - Prob. 6DQ Ch. 12 - Prob. 7DQ Ch. 12 - Prob. 8DQ Ch. 12 - Prob. 9DQ Ch. 12 - Prob. 10DQ

Solution Summary: The author explains that the amount of B's deficiency is as follows: B’s equity prior to liquidation 185,000 Realization of asset sales 30,000 Book value of assets (sum of capital accounts)

The amount distributed to P.

Chapter 12 Solutions