Preparation of statement of partners equity, closing entries and treatment in case of withdrawn of partner and liquidation of firm describes the preparation of statement of Equity for distribution of Income among partners, closing entries to be made and accounting treatment required for the withdrawn of partner from the firm and treatment in case of Liquidation of firm. Requirement1: The Statement of Partner’s equity shall be prepared.

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Answer 1

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Chapter 12, Problem P12.30APGA

To determine

Preparation of statement of partners equity, closing entries and treatment in case of withdrawn of partner and liquidation of firm describes the preparation of statement of Equity for distribution of Income among partners, closing entries to be made and accounting treatment required for the withdrawn of partner from the firm and treatment in case of Liquidation of firm.

Requirement1:

The Statement of Partner’s equity shall be prepared.

To determine

Requirement 2:

The Closing entries to be made shall be determined.

To determine

Requirement 3:

The entries to be made on withdrawn of partner shall be determined.

To determine

Requirement 4:

The Journal entries to be passed for liquidation of firm shall be determined.

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FOOD BLON NVASIONTH a) b) A-27 Give journal entries, ledger accounts and Balance Sheets under the following methods of treatment of goodwill:- If goodwill is raised and written off. If goodwill is brought in cash and withdrawn from the business. (B.Com., Osm) (Ans. Balance Sheet total (under both methods of treatment 85,000) 16. C and D carrying on business in partnership and sharing profits 5/8 & 3/8th require a partner when their Balance Sheet stood as follows. Balance Sheet Liabilities Assets Creditors 10,000 Cash Reserve Fund 20,000 Debtors Capitals: Stock C 40,000 Investment D 20,000 60,000 Plant 90,000 2,400 20,000 10,000 7,600 50,000 90,000 They admit E into partnership giving him 1/8th share on the following terms: Stock to be depreciated by 20 per cent, a provision of 5 percent on debtors is to be made for doubtful debts, investments are to be brought in the new firm at an agreed value of 6,000 and Plant to be appreciated by 20 per cent. E brings in 16,000 as his share of…

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Answer 2

Question

Chapter 12, Problem P12.30APGA

To determine

Preparation of statement of partners equity, closing entries and treatment in case of withdrawn of partner and liquidation of firm describes the preparation of statement of Equity for distribution of Income among partners, closing entries to be made and accounting treatment required for the withdrawn of partner from the firm and treatment in case of Liquidation of firm.

Requirement1:

The Statement of Partner’s equity shall be prepared.

To determine

Requirement 2:

The Closing entries to be made shall be determined.

To determine

Requirement 3:

The entries to be made on withdrawn of partner shall be determined.

To determine

Requirement 4:

The Journal entries to be passed for liquidation of firm shall be determined.

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Answer 3

Question

Chapter 12, Problem P12.30APGA

To determine

Preparation of statement of partners equity, closing entries and treatment in case of withdrawn of partner and liquidation of firm describes the preparation of statement of Equity for distribution of Income among partners, closing entries to be made and accounting treatment required for the withdrawn of partner from the firm and treatment in case of Liquidation of firm.

Requirement1:

The Statement of Partner’s equity shall be prepared.

To determine

Requirement 2:

The Closing entries to be made shall be determined.

To determine

Requirement 3:

The entries to be made on withdrawn of partner shall be determined.

To determine

Requirement 4:

The Journal entries to be passed for liquidation of firm shall be determined.

Expert Solution & Answer

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Answer 4

Question

Chapter 12, Problem P12.30APGA

To determine

Preparation of statement of partners equity, closing entries and treatment in case of withdrawn of partner and liquidation of firm describes the preparation of statement of Equity for distribution of Income among partners, closing entries to be made and accounting treatment required for the withdrawn of partner from the firm and treatment in case of Liquidation of firm.

Requirement1:

The Statement of Partner’s equity shall be prepared.

To determine

Requirement 2:

The Closing entries to be made shall be determined.

To determine

Requirement 3:

The entries to be made on withdrawn of partner shall be determined.

To determine

Requirement 4:

The Journal entries to be passed for liquidation of firm shall be determined.

Expert Solution & Answer

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Answer 5

Chapter 12, Problem P12.30APGA

To determine

Preparation of statement of partners equity, closing entries and treatment in case of withdrawn of partner and liquidation of firm describes the preparation of statement of Equity for distribution of Income among partners, closing entries to be made and accounting treatment required for the withdrawn of partner from the firm and treatment in case of Liquidation of firm.

Requirement1:

The Statement of Partner’s equity shall be prepared.

To determine

Requirement 2:

The Closing entries to be made shall be determined.

To determine

Requirement 3:

The entries to be made on withdrawn of partner shall be determined.

To determine

Requirement 4:

The Journal entries to be passed for liquidation of firm shall be determined.

Answer 6

Chapter 12, Problem P12.30APGA

To determine

Preparation of statement of partners equity, closing entries and treatment in case of withdrawn of partner and liquidation of firm describes the preparation of statement of Equity for distribution of Income among partners, closing entries to be made and accounting treatment required for the withdrawn of partner from the firm and treatment in case of Liquidation of firm.

Requirement1:

The Statement of Partner’s equity shall be prepared.

Answer 7

Chapter 12, Problem P12.30APGA

To determine

Preparation of statement of partners equity, closing entries and treatment in case of withdrawn of partner and liquidation of firm describes the preparation of statement of Equity for distribution of Income among partners, closing entries to be made and accounting treatment required for the withdrawn of partner from the firm and treatment in case of Liquidation of firm.

Requirement1:

The Statement of Partner’s equity shall be prepared.

Answer 8

To determine

Requirement 2:

The Closing entries to be made shall be determined.

Answer 9

To determine

Requirement 2:

The Closing entries to be made shall be determined.

Answer 10

To determine

Requirement 3:

The entries to be made on withdrawn of partner shall be determined.

Answer 11

To determine

Requirement 3:

The entries to be made on withdrawn of partner shall be determined.

Answer 12

To determine

Requirement 4:

The Journal entries to be passed for liquidation of firm shall be determined.

Answer 13

To determine

Requirement 4:

The Journal entries to be passed for liquidation of firm shall be determined.

Answer 14

Expert Solution & Answer

Answer 15

Expert Solution & Answer

Answer 16

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Answer 17

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Requirement 2: The Closing entries to be made shall be determined.

Requirement 3: The entries to be made on withdrawn of partner shall be determined.

Requirement 4: The Journal entries to be passed for liquidation of firm shall be determined.

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Chapter 12 Solutions

Requirement 2:

The Closing entries to be made shall be determined.

Requirement 3:

The entries to be made on withdrawn of partner shall be determined.

Requirement 4:

The Journal entries to be passed for liquidation of firm shall be determined.