Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. after discontinuing the ordinary business operatio

After discontinuing the ordinary business operations and closing the accounts on May 7, the ledger...

90.2K

Verified Solution

Question

Accounting

After discontinuing the ordinary business operations and closing the accounts on May 7, the ledger of the partnership of Anna, Brian, and Cole indicated the following:

Cash

$ 7,500

Noncash Assets

105,000

Liabilities

$ 27,500

Anna, Capital

45,000

Brian, Capital

15,000

Cole, Capital

25,000

$112,500

$112,500

The partners share net income and losses in the ratio of 3:2:1. Between May 7-30, the noncash assets were sold for $150,000, the liabilities were paid, and the remaining cash was distributed to the partners.

(a)

Prepare a statement of partnership liquidation.

Capital
Noncash Anna Brian Cole
Cash + Assets = Liabilities + + +
Balances before realization
Sale of assets and division of gain
Balances after realization
Payment of liabilities
Balances after payment of liabilities
Receipt of deficiency
Balances
Cash distributed to partners
Final balances

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Advance Math
1.2K views

3. Show that the Galois group of (x2 − 3)(x2 + 3) over Q is isomorphic...

Geometry
1.2K views

7 In right triangle ABC mzC 90 If Sin A determine cos A cos B...

Geometry
1.2K views

Question 10 Points 1 The internal angle bisectors of a triangle O incircle O incenter...

Geometry
1.2K views

Classify the graph of the equation as a circle a parabola an ellipse or a...

Statistics
1.2K views

How much time did a person spend at the library over a month for them...

Accounting
1.2K views

Variable Costs change in proportion to the level of production. Indirect...

Accounting
1.2K views

JUESTION 3(25 MARKS) a) Consider the information below from a firm's statement of...

Accounting
1.2K views

Required Information Exercise 9-18A Calculate the issue price of bonds (LO9-7) The following information applies...

Accounting
1.2K views

Pittman Company is a small but growing manufacturer of telecommunications equipment. The company has no...

Accounting
1.2K views

Part D (5 marks) Borias Company Limited, which follows ASPE, uses the gross profit method...

Accounting
1.2K views

A. $6,048 B. 55,040 c. $5.260 b. 56020 E $5.573

Finance
1.2K views

When an individual gives his or her child an income-producing asset, he or she is...