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What the total loss from the liquidation of the partnership

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Reference no: EM132873622

The partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. Profits and losses are shared 50%; 30%; and 20%, respectively.

Guess, Drawing (debit balance)      P (32,000)

Levis, Drawing (debit balance)        (12,000)

Jag, Loan                                        40,000

Guess, Capital                               164,000

Jag, Capital                                 134,000

Levis, Capital                                  144,000

Total assets amounted to P 638,000, including cash of P 70,000, and P 200,000 worth of liabilities. On January 2019, the partnership was liquidated, and Jag received P 111,000 cash as final settlement.

Required:

Question 1: The total loss from the liquidation of the partnership

Question 2: Prepare the statement of liquidation.

Question 3: Journal entries to record the liquidation.

Reference no: EM132873622

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