Question

Leslie Bjorn, Jason Douglas, and Tom Pierce have a partnership and share income and losses in a 3:1:1 ratio. They decide to liquidate their partnership on March 31, 2014. The balance sheet appeared as follows on the date of liquidation:


Required
Prepare the entries on March 31, 2014, to record the liquidation under each of the following independent assumptions:
a. Property, plant and equipment is sold for $270,000.
b. Property, plant and equipment is sold for $66,000.
Assume that any deficiencies are paid by thepartners.


$1.99
Sales1
Views61
Comments0
  • CreatedJanuary 08, 2015
  • Files Included
Post your question
5000