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Prepare the five entries to record the liquidation

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Reference no: EM132247526

Problem - Partnership Liquidation

The balance sheet of the Tri Brothers Partnership just prior to liquidation appears below:

Tri Brothers Partnership Balance Sheet December 31 , 2014

Assets

Liabilities and Owners' Equity

Cash

$140,000

Liabilities

$240,000

Noncash assets

380,000

Grayson, Capital

40,000

 

 

Lawson, Capital

160,000

 

 

Myers, Capital

80,000

 

$520,000

 

$520,000

Other information:

1. The partners Grayson, Lawson, and Myers share profits and losses in the ratio of 6:3:1.

2. The noncash assets are sold for $280,000.

3. The liabilities are paid in full.

4. The remaining assets are distributed to the partners. Assume that if any partner has a capital deficiency, he will not be able to pay the amount owed to the partnership.

Instructions: Prepare the five entries to record the liquidation of the Tri Brothers Partnership.

Reference no: EM132247526

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