The partnership of Lucena Watin and Julie Ann Veloso has come to an end. Upon their...
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The partnership of Lucena Watin and Julie Ann Veloso has come to an end. Upon their urgent request, the accountant prepares the Statement of Financial Position as follows: Assets Liabilities and Partner's Equity Liabilities Cash P Inventories 20,000 80,000 100,000 10,000 L. Watin, Loan L. Watin, Capital Furniture & Fixtures 40,000 90,000 Total P 200,000 J. Veloso, Capital Total Liabilities & Partners' Equity P 200,000 Non-cash assets were realized for P 85,000. The partner's profit and loss sharing was 60%-40% respectively. Required: A- Prepare Statement of Partnership liquidations assuming: 1. Watin is solvent partner 2. Watin is an insolvent partner B- Journal entry to record the partnership liquidation under the two (2) assumptions. P 60,000 The partnership of Lucena Watin and Julie Ann Veloso has come to an end. Upon their urgent request, the accountant prepares the Statement of Financial Position as follows: Assets Liabilities and Partner's Equity Liabilities Cash P Inventories 20,000 80,000 100,000 10,000 L. Watin, Loan L. Watin, Capital Furniture & Fixtures 40,000 90,000 Total P 200,000 J. Veloso, Capital Total Liabilities & Partners' Equity P 200,000 Non-cash assets were realized for P 85,000. The partner's profit and loss sharing was 60%-40% respectively. Required: A- Prepare Statement of Partnership liquidations assuming: 1. Watin is solvent partner 2. Watin is an insolvent partner B- Journal entry to record the partnership liquidation under the two (2) assumptions. P 60,000
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STATEMENT OF PARTNERSHIP LIQUIDATION PARTICULARS CASH OTHER ASSETS LIABILITIES L WATIN CAPITAL J VEL... View the full answer
Related Book For
Modern Advanced Accounting in Canada
ISBN: 978-1259087554
7th edition
Authors: Hilton Murray, Herauf Darrell
Posted Date:
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