Preparation of statement of partners equity, closing entries and treatment in case of withdrawn of partner and liquidation of firm describes the preparation of statement of Equity for distribution of Income among partners, closing entries to be made and accounting treatment required for the withdrawn of partner from the firm and treatment in case of Liquidation of firm.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

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Answer 1

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Chapter 12, Problem P12.38BPGB

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Preparation of statement of partners equity, closing entries and treatment in case of withdrawn of partner and liquidation of firm describes the preparation of statement of Equity for distribution of Income among partners, closing entries to be made and accounting treatment required for the withdrawn of partner from the firm and treatment in case of Liquidation of firm.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

To determine

Requirement 2:

The Closing entries

To determine

Requirement 3:

The entries to be made on withdrawn of partner

To determine

Requirement 4:

The Journal entries to be passed for liquidation of firm

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Brun Company produces its product through two processing departments: Mixing and Baking. Information for the Mixing department follows. Direct Materials Conversion Unit Percent Complete Percent Complete Beginning work in process inventory 7.500 Units started this period 104,500 Units completed and transferred out 100.000 Ending work in process inventory 12.000 100% 25% Beginning work in process inventory Direct materials Conversion $6.800 14.500 $21.300 Costs added this period Drect materials 116,400 Conversion Total costs to account for 1.067,000 1.183.400 $1.204.700 Required 1. Prepare the Mixing department's production cost report for November using the weighted average method Check (1) C$1.000 2. Prepare the November 30 journal entry to transfer the cost of completed units from Mixing to Baking

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Answer 2

Question

Chapter 12, Problem P12.38BPGB

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Preparation of statement of partners equity, closing entries and treatment in case of withdrawn of partner and liquidation of firm describes the preparation of statement of Equity for distribution of Income among partners, closing entries to be made and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

To determine

Requirement 2:

The Closing entries

To determine

Requirement 3:

The entries to be made on withdrawn of partner

To determine

Requirement 4:

The Journal entries to be passed for liquidation of firm

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 3

Question

Chapter 12, Problem P12.38BPGB

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

To determine

Requirement 2:

The Closing entries

To determine

Requirement 3:

The entries to be made on withdrawn of partner

To determine

Requirement 4:

The Journal entries to be passed for liquidation of firm

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 12, Problem P12.38BPGB

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

To determine

Requirement 2:

The Closing entries

To determine

Requirement 3:

The entries to be made on withdrawn of partner

To determine

Requirement 4:

The Journal entries to be passed for liquidation of firm

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 12, Problem P12.38BPGB

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

To determine

Requirement 2:

The Closing entries

To determine

Requirement 3:

The entries to be made on withdrawn of partner

To determine

Requirement 4:

The Journal entries to be passed for liquidation of firm

Answer 6

Chapter 12, Problem P12.38BPGB

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

Answer 7

Chapter 12, Problem P12.38BPGB

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

Answer 8

To determine

Requirement 2:

The Closing entries

Answer 9

To determine

Requirement 2:

The Closing entries

Answer 10

To determine

Requirement 3:

The entries to be made on withdrawn of partner

Answer 11

To determine

Requirement 3:

The entries to be made on withdrawn of partner

Answer 12

To determine

Requirement 4:

The Journal entries to be passed for liquidation of firm

Answer 13

To determine

Requirement 4:

The Journal entries to be passed for liquidation of firm

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

Requirement 3:

The entries to be made on withdrawn of partner

Requirement 4:

The Journal entries to be passed for liquidation of firm

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Chapter 12 Solutions

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Requirement 2: The Closing entries

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

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

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Chapter 12 Solutions

Requirement 2:

The Closing entries

Requirement 3:

The entries to be made on withdrawn of partner

Requirement 4:

The Journal entries to be passed for liquidation of firm