Question

Assume the following assets, liabilities, and partners’ equity in the Winner and Perry partnership on December 31, 2014:


The partnership has no cash. When the partners agree to liquidate the business, the assets are sold for $240,000, and the liabilities are paid. Winner and Perry share income and losses in a ratio of 3:1.
1. Prepare a statement of liquidation.
2. Prepare journal entries for the sale of assets, payment of liabilities, distribution of loss from realization, and final distribution of cash to Winner andPerry.


$1.99
Sales3
Views93
Comments0
  • CreatedMarch 26, 2014
  • Files Included
Post your question
5000