Reference no: EM133032308
Question - Arch, Bibb, and Dao have been in partnership for a number of years. The partners allocate all profits and losses on a 4:4:2 basis, respectively. Recently, the partners have decided to terminate the business and liquidate assets. At the date the partnership ceases operations, the partnership's balance sheet is as follows:
Cash $130,000
Liabilities $50,000
Accounts Receivable 80,000
Arch, Capital (40%) 120,000
Buildings and Equipment 150,000
Bibb, Capital (40%) 130,000
Dao, Capital (20%) 60,000
Total Assets $360,000
Total Liabilities and Capital $360,000
What are the journal entries for the following transactions:
a. Collected $50,000 from the $80,000 accounts receivable. $30,000 is written off as bad debt.
b. Paid $12,000 in liquidation expenses.
c. Paid $50,000 of the partnership's liabilities.
d. Distributed safe payments of cash; the partners anticipate no further liquidation expenses.
e. Sold land, building, and equipment for $90,000.
f. Distributed cash held by the business to the partners.
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