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Submitted by accountguru on Wed, 2013-09-18 11:15
due on Sun, 2013-09-22 11:14
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Partnership Liquidation exercise

 

  After the accounts are closed on July 3, 2012, prior to liquidating the partnership, the capital accounts of Rebecca Adams, Austin Cooper, and Ricardo Ruiz are $31,500, $5,700, and $23,700, respectively. Cash and noncash assets total $7,200 and $61,300, respectively. Amounts owed to creditors total $7,600. The partners share income and losses in the ratio of 1:1:2. Between July 3 and July 29, the noncash assets are sold for $32,500, the partner with the capital deficiency pays his or her deficiency to the partnership, and the liabilities are paid.



1. Prepare a statement of partnership liquidation, indicating 

(a) the sale of assets and division of loss, 

(b) the payment of liabilities, 

(c) the receipt of the deficiency (from the appropriate partner), and 

(d) the distribution of cash.



Enter any subtractions (balance deficiencies, payments, cash distributions, divisions of loss) as negative numbers using a minus sign. If there is no amount or an amount is zero, enter "0".



2. Assume the partner with the capital deficiency declares bankruptcy and is unable to pay the deficiency.



a. Journalize the entry to allocate the partner's deficiency. If an amount box does not require an entry, leave it blank.

b. Journalize the entry to distribute the remaining cash. If an amount box does not require an entry, leave it blank.

Answer
Submitted by accountguru on Wed, 2013-09-18 11:16
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Partnership Liquidation exercise

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After xxx xxxxxxxx xxx closed xx July xx 2012, prior xx xxxxxxxxxxx the partnership, the xxxxxxx xxxxxxxx xx Rebecca xxxxxx Austin xxxxxxx xxx xxxxxxx Ruiz are $31,500, $5,700, xxx xxxxxxxx xxxxxxxxxxxxx xxxx xxx noncash xxxxxx xxxxx $7,200 and xxxxxxxx respectively. Amounts xxxx xx xxxxxxxxx xxxxx $7,600. The xxxxxxxx xxxxx xxxxxx xxx losses in the xxxxx of xxxxxx Between xxxx 3 xxx July 29, the xxxxxxx assets are xxxx for xxxxxxxx xxx xxxxxxx xxxx the capital xxxxxxxxxx xxxx xxx or her deficiency xx the xxxxxxxxxxxx and the liabilities xxx paid. 1. xxxxxxx a statement of xxxxxxxxxxx xxxxxxxxxxxx indicating  xxx xxx xxxx of xxxxxx xxx xxxxxxxx of loss,  (b) xxx xxxxxxx xx liabilities,  xxx the receipt xx the xxxxxxxxxx xxxxx the xxxxxxxxxxx partner), and  xxx the distribution of xxxxxxxxxxxx any subtractions xxxxxxxx deficiencies, payments, xxxx distributions, divisions of loss) xx xxxxxxxx numbers xxxxx a minus xxxxx xx xxxxx xx no xxxxxx or xx xxxxxx is zero, enter xxxxxxxx xxxxxx

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