College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 19, Problem 9SPA

1.

To determine

Prepare a statement of partnership liquidation for the period of July.

2.

To determine

Journalize these four transactions in a general Journal.

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Prepare a Statement of Partnership Liquidation and the entries to record the following:1. Sale of all non-cash assets2. Distribution of gain on realization to the partners3. Payment of the liabilities4. Distribution of cash to the partners
On December 1, 2021 – Apple, Banana, and Lemon decided to finally liquidate their partnership. (Statement of financial position/Balance sheet is given in the picture) Required: 1. Prepare the liquidation journal entries. 2. Prepare the statement of liquidation.
The partnership of Donald, Healey & Jaguar has experienced operating losses. The partners—who have shared profits and losses in the ratio of Donald, 10%; Healey, 30%; and Jaguar, 60%—are liquidating the business. They ask you to analyze the effects of liquidation and present the following partnership balance sheet at December 31, end of the current year:   Requirements 1. Prepare a summary of liquidation transactions (as illustrated in Exhibit 12-5). The noncash assets are sold for $192,000.  2. Journalize the liquidation transactions.
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