Question

The partnership of Jackson, Rackley, Surber is being liquidated. All gains and losses are shared in a 3:2:1 ratio. Before liquidation their balance sheet looks as follows:


Journalize the entries needed in the liquidation process under the following independent situations and assume a date of July 1, 201X, for sale of assets and a date of July 15 to pay off liabilities and distribute cash to partners:
Situation 1: Sold other assets for $33,900.
Situation 2: Sold other assets for $6,900.
Situation 3: Sold other assets for $2,100. Sunseri cannot cover hisdeficit.


$1.99
Sales2
Views88
Comments0
  • CreatedApril 24, 2014
  • Files Included
Post your question
5000