Prepare the journal entries to record the liquidation

Assignment Help Financial Accounting
Reference no: EM132812726

The PJB Partnership is to be liquidated when the ledger shows the following balances:

Cash $ 10,000

Land 160,000

Accounts Payable 50,000

Phillip, Capital 70,000

Johnny, Capital 20,000

Bob, Capital 30,000

The partners share income and losses equally.

Problem (a) Prepare the journal entries to record the liquidation of the partnership assuming that the Land is sold for $85,000 in cash and that any partner with a capital deficiency has personal assets to cover the deficiency.

Problem (b) Prepare the journal entries that would change assuming that any partner's capital deficiency cannot be paid to the partnership.

Reference no: EM132812726

Questions Cloud

Describe the organization environment : Describe the organization's environment, and evaluate its preparedness for virtualization.
Differences between centralization and decentralization : When we look at organizational structure, we also look at the dynamics associated with how decisions are made and problems are solved. The terms decentralizatio
What are the pros and cons of selling stock : When raising capital sometimes the decision is to sell stock. What are the pros and cons of selling stock? Is it better to sell common or preferred stock?
Explain relevant concept and models : Explain relevant concept and models supporting the development of international marketing decisions and critically review brand management theory
Prepare the journal entries to record the liquidation : PJB Partnership, Prepare the journal entries to record the liquidation of the partnership assuming that the Land is sold for $85,000 in cash
Impact the global economy : Determine where networks will go in the next 5-10 years and how that might impact the global economy.
Calculate the crossover rate : A company is considering two mutually exclusive expansion plans. Calculate the crossover rate where the two projects' NPVs are equal
Find what is the gain on factoring accounts receivable : What is the gain or (loss) on factoring the accounts receivable? The fair value of the recourse obligation is P100,000. The factor assessed a fee of 3%.
Research variety of enumeration tools available : Research the variety of enumeration tools available. Select one tool and explain what it does, how it works and what type of information it extracts

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd