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Prepared journal entries for the sale of equipment

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Question - Asure, Ramirez, and Soney, who share income and loss in a 2:1:2 ratio, plan to liquidate their partnership. At liquidation , their balance sheet appears as follow.

Asure , Ramirez, And Soney

Asset:

Cash: 174,300

Equipment: 308,600

Total assets: 482,900

Liabilities and equity:

A/P: 171,300

Asure, Capital: 150,200

Ramirez, Capital: 97,900

Soney, Capital: 63,500

Total Liabilities and equity: 482,900

Required: Prepared journal entries for (a) the sale of equipment,(b) the allocation of its gain or loss (c) the payment of liabilities at book value and (d) the distribution of cash in each of the following separate cases, equipment is sold for (1) 325,000 (2) 265,000 (3) 100,000 and any partners with capital deficits pay in the amount of their deficits and (4) 75,000 and the partners have no assets other than those invested in the partnership.

Reference no: EM131813819

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