It is now and your partnership has the following revenueexpenses for the year:
Revenue $
Expenses $
Prepare the closing entries for your partnership. Remember, you must allocate the net income in the
way in which you decided in your previous assignment.
Assuming no additional investments during the year prepare the Statement of Partnership Equity.
Complete the files titled Project Part Two and Statement of Partnership Equity
It is now and you have decided to liquidate your partnership. After closing the books for
your partnership has the following account balances:
Account Title Debit Credit
Cash
Inventory
Other Assets
Liabilities
Partner One Capital You
Partner Two Capital Your
Friend
The noncash assets are sold for $
Use the file titled Project Part Three to complete the journal entries necessary to record the partnership
liquidation:
