The following is the financial statement for SHR partnership. The profit/loss percentages for partners Same, HUDA,...

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The following is the financial statement for SHR partnership. The profit/loss percentages for partners Same, HUDA, and Rana are 60%, 30%, and 10%, respectively, on 31/12/2019: Assets 31/12/2019 L&CAPITALS 31/12/2019 account payable 125,000 long term debit 275,000 Debit to Same 25,000 Same capital 300,000 Huda capital 150,000 Rana capital 50,000 Cash 35,000 account/rec 45,000 Inventories 220,000 plant assets $20,000 intangible assets 105,000 The partners agree to admit salem for 15% interest of the partnership for 75,000 cash and recorded the admission on good will method and every old partner his percentage will decreased by 5%. After the admission the partners are differed between them and decided to solve the partnership. The agree to keep out 20,000$ for dissolving partnership expenses. On January 31/2020 they sold all the account receivables for 30,000, March 31/2020 sold all inventories for 160,000 April 30/2020 sold 260,000$ of the planet assets for 200,000. Required: 1) Prepare the entry to recorded salem admission 2) Prepare vulnerability ranking, losses absorption and cash distribution plane 3) Prepare cash distribution schedule 4) Distributed the available cash between according to the distribution schedule in 1/1/2020, 31/01/2020,31/03/2020,30/04/2020 5) Prepare statement of realization and liquidations with necessary entries assuming all other assets sold for 180,000 at 31/05/2020. The following is the financial statement for SHR partnership. The profit/loss percentages for partners Same, HUDA, and Rana are 60%, 30%, and 10%, respectively, on 31/12/2019: Assets 31/12/2019 L&CAPITALS 31/12/2019 account payable 125,000 long term debit 275,000 Debit to Same 25,000 Same capital 300,000 Huda capital 150,000 Rana capital 50,000 Cash 35,000 account/rec 45,000 Inventories 220,000 plant assets $20,000 intangible assets 105,000 The partners agree to admit salem for 15% interest of the partnership for 75,000 cash and recorded the admission on good will method and every old partner his percentage will decreased by 5%. After the admission the partners are differed between them and decided to solve the partnership. The agree to keep out 20,000$ for dissolving partnership expenses. On January 31/2020 they sold all the account receivables for 30,000, March 31/2020 sold all inventories for 160,000 April 30/2020 sold 260,000$ of the planet assets for 200,000. Required: 1) Prepare the entry to recorded salem admission 2) Prepare vulnerability ranking, losses absorption and cash distribution plane 3) Prepare cash distribution schedule 4) Distributed the available cash between according to the distribution schedule in 1/1/2020, 31/01/2020,31/03/2020,30/04/2020 5) Prepare statement of realization and liquidations with necessary entries assuming all other assets sold for 180,000 at 31/05/2020.

Answer rating: 100% (QA)

1 The entry to recorded Salems admission would be as follows Debit Credit Cash 75000 Goodwill 15000 ... View the full answer