Solution-Journalize the sale of the noncash assets

Journalize the sale of the noncash assets

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Reference no: EM13527452

Accounting for the liquidation of a partnership

The Kelly & Lena partnership has the following balances on June 30, 2012:

KELLY & LENA Balance Sheet June 30, 2012
Assets		Liabilities and Owners' equity
Cash	$ 5,000	Accounts payable	$20,000
Other assets	30,000	Kelly, capital	8,000
		Lena, capital	7,000
Total assets	$35,000	Total liabilities and owners' equity	$35,000

Kelly and Lena share profits 2:3.

Requirement

1. Journalize the sale of the noncash assets for $25,000, the payment of the liabilities, and the payment to the partners.

Reference no: EM13527452

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Journalize the sale of the noncash assets

Reference no: EM13527452

Reference no: EM13527452

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