Preparation of statement of partners equity, closing entries and treatment in case of withdrawn of partner and liquidation of firm describes the preparation of statement of Equity for distribution of Income among partners, closing entries to be made and accounting treatment required for the withdrawn of partner from the firm and treatment in case of Liquidation of firm.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

Question

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Answer 1

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Preparation of statement of partners equity, closing entries and treatment in case of withdrawn of partner and liquidation of firm describes the preparation of statement of Equity for distribution of Income among partners, closing entries to be made and accounting treatment required for the withdrawn of partner from the firm and treatment in case of Liquidation of firm.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The entries to be made on withdrawn of partner shall be determined.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Preparation of statement of partners equity, closing entries and treatment in case of withdrawn of partner and liquidation of firm describes the preparation of statement of Equity for distribution of Income among partners, closing entries to be made and accounting treatment required for the withdrawn of partner from the firm and treatment in case of Liquidation of firm.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The entries to be made on withdrawn of partner shall be determined.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

Expert Solution & Answer

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Preparation of statement of partners equity, closing entries and treatment in case of withdrawn of partner and liquidation of firm describes the preparation of statement of Equity for distribution of Income among partners, closing entries to be made and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

Ch. 12 - Prob. 1QC Ch. 12 - Prob. 2QC Ch. 12 - Prob. 3QC Ch. 12 - Which financial statement shows the changes in...Ch. 12 - Prob. 5QC Ch. 12 - Prob. 6QC Ch. 12 - Prob. 7QC Ch. 12 - Peter and Steve admit Meredith to their...Ch. 12 - Prob. 9QC Ch. 12 - Prob. 10QC

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.