Reference no: EM132635247
Question - Year 1 Albert, Bill, Charlie formed a partnership by signing an agreement that stated that all profits would be shared 2:3:5 ratio and by making the following investments:
Albert Bill Charlie
Cash 12,000 8,000 14,000
Accounts Receivable (net) 20,000 14,500 60,000
Office Furniture (net) 0 0 15,000
Vehicles (net) 21,000 38,500 0
Dec 31, Year 1 The partnership reported net income of $53,500 for the year.
June 7, Year 2 Albert and Charlie agreed that Bill could sell their share of the partnership to Doug for $75,000. The new partners agreed to keep the same profit-sharing arrangement (2:3:5 for Albert, Doug, Charlie)
Dec 31, Year 2 The partnership reported a loss of $67,000 for the year.
Jan 3, Year 3 The partnership agreed to liquidate the partnership. On this date the balance sheet showed the following items with all accounts having their normal balances:
Cash 17,500
Accounts Receivable 316,000
Allowance for uncollectible accounts 22,500
Office Furniture 74,500
Vehicles 240,000
Accumulated amortization (total) 49,500
Accounts Payable 386,500
The assets were sold for the following amounts:
Accounts receivable 200,000
Office Furniture 75,000
Vehicles 100,000
Albert and Doug both have personal assets, but Charlie does not.
Required - Journalize all the transactions for the partnership?
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