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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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xxxxx the accounts xxx xxxxxx xx July xx 2012, prior to liquidating the xxxxxxxxxxxx the capital accounts xx Rebecca Adams, Austin Cooper, xxx Ricardo xxxx xxx xxxxxxxx xxxxxxx and $23,700, xxxxxxxxxxxxx xxxx and xxxxxxx assets total xxxxxx xxx xxxxxxxx xxxxxxxxxxxxx xxxxxxx owed xx xxxxxxxxx xxxxx $7,600. The partners share income and losses xx the xxxxx of xxxxxx xxxxxxx xxxx x xxx July xxx the noncash assets are sold for $32,500, xxx xxxxxxx xxxx xxx xxxxxxx deficiency pays his xx her xxxxxxxxxx xx xxx partnership, xxx the xxxxxxxxxxx xxx paid. 1. xxxxxxx x statement of partnership liquidation, indicating  xxx xxx sale xx assets and xxxxxxxx xx loss,  xxx the xxxxxxx xx xxxxxxxxxxxx  xxx the xxxxxxx of xxx xxxxxxxxxx xxxxx the appropriate xxxxxxxxx and  (d) xxx distribution of cash. Enter xxx subtractions (balance deficiencies, payments, cash xxxxxxxxxxxxxx xxxxxxxxx of xxxxx xx xxxxxxxx numbers using x minus xxxxx xx xxxxx is no amount xx xx amount xx xxxxx xxxxx "0". 2. Assume

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