User Account

All Pages

Prepare the necessary journal entries as at December

Assignment Help Financial Accounting
Reference no: EM132936462

Question - Chiefe and Credo are about to liquidate their partnership. They each have P200,000 capital balances, and they share profits and losses in a 3:1 ratio, respectively. In addition, the partnership has P250,000 in cash, P450,000 in noncash assets, and P300,000 in accounts payable. Assuming that the noncash assets are sold for P170,000 on July 31, 2016 and that both partners are personally solvent.

Required -

a. Prepare statement of liquidation for the period ending December 31, 2016.

b. Prepare the necessary journal entries as at December 31, 2016.

Reference no: EM132936462

Questions Cloud

How many shares are outstanding after the share dividends : The corporation which has an authorization for 1,000,000 shares had issued 500,000 shares, How many shares are outstanding after the share dividends
Which is an advantage of issuing bonds versus issuing stock : Which is an advantage of issuing bonds versus issuing stock? The accounts, in alphabetical order, appear on the trial balance for a company. What is the total?
How much will Jun receive : Noncash assets valued at P2,000,000 were sold for P1,325,000. Liabilities of P200,000 were paid. How much will Jun receive
How much warranty work was performed : 1% of sales is the estimated warranty cost. The ending balance of the warranty liability was $35,000 (credit). How much warranty work was performed?
Prepare the necessary journal entries as at December : They each have P200,000 capital balances, and they share profits and losses in a 3:1 ratio, Prepare the necessary journal entries as at December 31, 2016
Which deposits held as compensating balances : If a firm has two bank accounts in the same bank and the other has a positive cash balance while the other is overdraft, the overdraft is?
What amount of gain shall be recognized at December : What amount of gain shall be recognized at December 31, 2019 as a result of the increase in the fair value less cost to sell of the asset
Which should not be considered cash : Which should not be considered cash? Which of the following is incorrect with regard to the valuation of cash and cash equivalents?
How much is the investment property to be presented : Land held for a currently determined future use- P300,000. How much is the Investment Property to be presented in the statement of financial position

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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