P12-11B Prepare and post entries for partnership liquidation. (LO 7) AP The...
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Accounting
P12-11B
Prepare and post entries for partnership liquidation.
(LO 7) AP
The partners in Omni Services decided to liquidate the partnership on May 31, 2017, when balances in the company's accounts were as follows:
| Item | Cash | Accounts Receivable | Equipment | Accumulated Depreciation | Accounts Payable | B. Hally, Capital | H. Lockyear, Capital | A. Vu, Capital |
|---|---|---|---|---|---|---|---|---|
| Balances before |
|
|
|
|
|
|
|
|
| liquidation | $33,000 | $20,000 | $75,200 | $6,400 | $53,160 | $39,600 | $25,200 | $3,840 |
The partners share profit and loss 5:3:2 for Hally, Lockyear, and Vu, respectively.
Instructions
(a)
Complete the schedule and prepare the journal entries for the liquidation of the partnership assuming the noncash assets were sold for $88,800, liabilities are paid, and the cash is distributed appropriately.
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