Question: Friday is the senior member of the partnership of Friday
Friday is the senior member of the partnership of Friday, Horning, and Jerome. When Friday dies, the firm’s accountant revalues the assets. The following assets are to be increased in value by these amounts: Merchandise Inventory, $ 28,000; Building, $ 56,000. The value of the asset Equipment is to be decreased by $ 9,000. Assuming that the partnership profit and loss ratio is 2 : 2 : 1, respectively, write the journal entry to show the revaluation of the assets on June 5 prior to dissolution of the firm.
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