Liquidation of Partnership : Liquidation of partnership is the process of selling all the partnership assets and distributing the collection amongst the partners. The liquidation of partnership takes following steps from the point for view of accounting: Sale of non cash assets and realization of cash. Sharing the gain or loss on sale of non cash assets amongst the partners in their income sharing ratio. Disbursement of liabilities of partnership using the available cash. Distribution of balances cash amongst the partners in their capital ratio. Requirement-1: To determine: The Capital Balance of each partner after the liquidation and assets and payment of creditors

Question

Want to see the full answer?

Answer 1

Question

Chapter 12, Problem 7QS

To determine

Concept Introduction:

Liquidation of Partnership: Liquidation of partnership is the process of selling all the partnership assets and distributing the collection amongst the partners. The liquidation of partnership takes following steps from the point for view of accounting:

Sale of non cash assets and realization of cash.

Sharing the gain or loss on sale of non cash assets amongst the partners in their income sharing ratio.

Disbursement of liabilities of partnership using the available cash.

Distribution of balances cash amongst the partners in their capital ratio.

Requirement-1:

To determine: The Capital Balance of each partner after the liquidation and assets and payment of creditors

To determine

Requirement-2:

To Prepare: The journal entries on May 31 to record the Cash receipts from the deficient partner and Final disbursement of cash to partners

To determine

Requirement-3:

To Prepare: The journal entries on May 31 to record the transfer of deficit from the deficient partner to other partners and Final disbursement of cash to partners

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Pugh Sporting Goods manufactures two types of kayaks: River Explorers and Lake Cruisers. The company incurred manufacturing overhead costs of $320,000 in May. They have decided to allocate these costs based on units produced. During May, the company used 10,500 direct labor hours for River Explorers and 12,000 direct labor hours for Lake Cruisers. In total, the company produced 8,000 River Explorers and 6,000 Lake Cruisers. The amount of overhead allocated to each product, respectively, would be: a) $182,880 and $137,160 b) $140,000 and $180,000 c) $160,000 and $160,000 d) $175,000 and $145,000 e) $168,000 and $152,000 Don't use AI

Calculate the firm's predetermined overhead rate.

??!

Answer 2

Question

Chapter 12, Problem 7QS

To determine

Concept Introduction:

Liquidation of Partnership: Liquidation of partnership is the process of selling all the partnership assets and distributing the collection amongst the partners. The liquidation of partnership takes following steps from the point for view of accounting:

Sale of non cash assets and realization of cash.

Sharing the gain or loss on sale of non cash assets amongst the partners in their income sharing ratio.

Disbursement of liabilities of partnership using the available cash.

Distribution of balances cash amongst the partners in their capital ratio.

Requirement-1:

To determine: The Capital Balance of each partner after the liquidation and assets and payment of creditors

To determine

Requirement-2:

To Prepare: The journal entries on May 31 to record the Cash receipts from the deficient partner and Final disbursement of cash to partners

To determine

Requirement-3:

To Prepare: The journal entries on May 31 to record the transfer of deficit from the deficient partner to other partners and Final disbursement of cash to partners

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 12, Problem 7QS

To determine

Concept Introduction:

Liquidation of Partnership: Liquidation of partnership is the process of selling all the partnership assets and distributing the collection amongst the partners. The liquidation of partnership takes following steps from the point for view of accounting:

Sale of non cash assets and realization of cash.

Sharing the gain or loss on sale of non cash assets amongst the partners in their income sharing ratio.

Disbursement of liabilities of partnership using the available cash.

Distribution of balances cash amongst the partners in their capital ratio.

Requirement-1:

To determine: The Capital Balance of each partner after the liquidation and assets and payment of creditors

To determine

Requirement-2:

To Prepare: The journal entries on May 31 to record the Cash receipts from the deficient partner and Final disbursement of cash to partners

To determine

Requirement-3:

To Prepare: The journal entries on May 31 to record the transfer of deficit from the deficient partner to other partners and Final disbursement of cash to partners

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 12, Problem 7QS

To determine

Concept Introduction:

Liquidation of Partnership: Liquidation of partnership is the process of selling all the partnership assets and distributing the collection amongst the partners. The liquidation of partnership takes following steps from the point for view of accounting:

Sale of non cash assets and realization of cash.

Sharing the gain or loss on sale of non cash assets amongst the partners in their income sharing ratio.

Disbursement of liabilities of partnership using the available cash.

Distribution of balances cash amongst the partners in their capital ratio.

Requirement-1:

To determine: The Capital Balance of each partner after the liquidation and assets and payment of creditors

To determine

Requirement-2:

To Prepare: The journal entries on May 31 to record the Cash receipts from the deficient partner and Final disbursement of cash to partners

To determine

Requirement-3:

To Prepare: The journal entries on May 31 to record the transfer of deficit from the deficient partner to other partners and Final disbursement of cash to partners

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 12, Problem 7QS

To determine

Concept Introduction:

Liquidation of Partnership: Liquidation of partnership is the process of selling all the partnership assets and distributing the collection amongst the partners. The liquidation of partnership takes following steps from the point for view of accounting:

Sale of non cash assets and realization of cash.

Sharing the gain or loss on sale of non cash assets amongst the partners in their income sharing ratio.

Disbursement of liabilities of partnership using the available cash.

Distribution of balances cash amongst the partners in their capital ratio.

Requirement-1:

To determine: The Capital Balance of each partner after the liquidation and assets and payment of creditors

To determine

Requirement-2:

To Prepare: The journal entries on May 31 to record the Cash receipts from the deficient partner and Final disbursement of cash to partners

To determine

Requirement-3:

To Prepare: The journal entries on May 31 to record the transfer of deficit from the deficient partner to other partners and Final disbursement of cash to partners

Answer 6

Chapter 12, Problem 7QS

To determine

Concept Introduction:

Liquidation of Partnership: Liquidation of partnership is the process of selling all the partnership assets and distributing the collection amongst the partners. The liquidation of partnership takes following steps from the point for view of accounting:

Sale of non cash assets and realization of cash.

Sharing the gain or loss on sale of non cash assets amongst the partners in their income sharing ratio.

Disbursement of liabilities of partnership using the available cash.

Distribution of balances cash amongst the partners in their capital ratio.

Requirement-1:

To determine: The Capital Balance of each partner after the liquidation and assets and payment of creditors

Answer 7

Chapter 12, Problem 7QS

To determine

Concept Introduction:

Liquidation of Partnership: Liquidation of partnership is the process of selling all the partnership assets and distributing the collection amongst the partners. The liquidation of partnership takes following steps from the point for view of accounting:

Sale of non cash assets and realization of cash.

Sharing the gain or loss on sale of non cash assets amongst the partners in their income sharing ratio.

Disbursement of liabilities of partnership using the available cash.

Distribution of balances cash amongst the partners in their capital ratio.

Requirement-1:

To determine: The Capital Balance of each partner after the liquidation and assets and payment of creditors

Answer 8

To determine

Requirement-2:

To Prepare: The journal entries on May 31 to record the Cash receipts from the deficient partner and Final disbursement of cash to partners

Answer 9

To determine

Requirement-2:

To Prepare: The journal entries on May 31 to record the Cash receipts from the deficient partner and Final disbursement of cash to partners

Answer 10

To determine

Requirement-3:

To Prepare: The journal entries on May 31 to record the transfer of deficit from the deficient partner to other partners and Final disbursement of cash to partners

Answer 11

To determine

Requirement-3:

To Prepare: The journal entries on May 31 to record the transfer of deficit from the deficient partner to other partners and Final disbursement of cash to partners

Answer 12

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 15

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

Videos

Requirement-2:

To Prepare: The journal entries on May 31 to record the Cash receipts from the deficient partner and Final disbursement of cash to partners

Requirement-3:

To Prepare: The journal entries on May 31 to record the transfer of deficit from the deficient partner to other partners and Final disbursement of cash to partners

Want to see the full answer?

Chapter 12 Solutions

Videos

Requirement-2: To Prepare: The journal entries on May 31 to record the Cash receipts from the deficient partner and Final disbursement of cash to partners

Requirement-3: To Prepare: The journal entries on May 31 to record the transfer of deficit from the deficient partner to other partners and Final disbursement of cash to partners

Want to see the full answer?

Chapter 12 Solutions

Requirement-2:

To Prepare: The journal entries on May 31 to record the Cash receipts from the deficient partner and Final disbursement of cash to partners

Requirement-3:

To Prepare: The journal entries on May 31 to record the transfer of deficit from the deficient partner to other partners and Final disbursement of cash to partners