Prepare the necessary journal entries for partnership

Assignment Help Accounting Basics
Reference no: EM133171700

Question - Tito, Vic and Joey, who share profits and losses in the ratio of 40%, 40% and 20%, respectively, decided to liquidate their partnership on January 31, 2022. Prior to the partnership's liquidation, their condensed Statement of Financial Position shows the following account balances:

Cash

P12,800

Liabilities

P71,680

Other assets

217,600

Vic, Loan

3,200



Joey, Loan

5,120



Tito, Capital

60,800



Vic, Capital

38,400



Joey, Capital

51,200

TOTAL

P230,400

TOTAL

P230,400

Case: The Other Assets were sold for P108,800. Deficient partner was insolvent.

Required - For each case, prepare all necessary journal entries for the partnership's liquidation. Use a statement of liquidation as solution to each case.

Reference no: EM133171700

Questions Cloud

What is the importance of data analysis : Question 1: What is the importance of data analysis? Question 2: How did adding visual representations of the data change your analysis?
What is the lowest amount of external revenue : The combined total assets of all operating segments at year-end amounted to P56,000,000. What is the lowest amount of external revenue
Umplementation of equality : In 1995, he created eight diversity task forces around demographic groups such as women and men, as well as Asians, African Americans, LGBT (lesbian, gay, bisex
How much interest after-tax would dana earn : Dana intends to invest $46,000 in either a Treasury bond or a corporate bond. How much interest after-tax would Dana earn by investing in the corporate bond
Prepare the necessary journal entries for partnership : For each case, prepare all necessary journal entries for the partnership's liquidation. Use a statement of liquidation as solution to each case
How is the letter of management representation useful : Inventory is fairly stated at the lower of cost or market and includes no obsolete items. How is letter of management representation useful as audit evidence
Calculate the overtime premium pay : Mr. ABC is paid P180 per hour for regular time and received an additional rate of one-half (50%) Calculate the overtime premium pay
Explain the businesses as ethical persons : Peter French, a twentieth-century American philosopher, wants to hold businesses morally responsible for the things that they do.
What is the company total current assets : The company has a current ratio of 2.7 times, accounts receivable of USD1,715,363, cash. What is the company total current assets

Reviews

Write a Review

Accounting Basics Questions & Answers

  Begin within two days of its arrival at the factory

On average, 40 jobs arrive per day at a factory. The time between arrivals of jobs is exponentially distributed. The factory can process an average of 42 jobs per day, and the time to process a job is exponentially distributed.

  The average collection period of the receivables in terms

Hickory Hills Pro Shop had a balance in the Accounts Receivable account of $800,000 at the beginning of the year and a balance of $900,000 at the end of the year. Net credit sales during the year amounted to $7,310,000. The average collection p..

  Prepare entries for falk to record the lease asset

Prepare entries for Falk to record the lease asset and obligation at January 1, and the $110,400 straight-line amortization at December

  Distinguish between current and noncurrent liabilities

Define and distinguish between current and noncurrent liabilities.

  Prepare the entry to record this retirement

The accumulated depreciation on these printers is $32,000. Prepare the entry to record this retirement

  Surendra personal residence originally cost

Surendra's personal residence originally cost $340,000 (ignore any value assigned to land). After living in the house for five years, he converts it to rental property. At the date of conversion, the fair market value of the house is $320,000.

  Compute the total worth of primary inputs

Ksh 20 million and ksh 50 million for the Agricultural, Industrial and mineral products respectively. Compute the total worth of primary inputs

  Create the adjusting entry to record the bonds at fairvalue

presented below is information taken from a bond investmentamortization schedule with related fair values provided.

  Assumptions that underlie dvp analysis

What are the four (4) assumptions that underlie DVP analysis?

  Primary audience for a business message

Which of the following is an example of nonverbal communication?

  Amortize premium or discount on interest dates

Sanford Co. sells $500,000 of 10% bonds on March 1, 2010. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2013. The bonds yield 12%. Give entries through December 31, 2011.

  Prepare an income statement for the month ended September

The trial balance for Leek and Associates LLP is given below. Prepare an income statement for the month ended September 30th, 2018

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