ABC is a partnership owned by Angus, Black, and Campini, who share profits and losses in the

Question:

ABC is a partnership owned by Angus, Black, and Campini, who share profits and losses in the ratio of 2:1:1, respectively. The account balances of the partnership at June 30, 2018, follow:

ABC

Adjusted Trial Balance

June 30, 2018

Balance Credit Account Title Debit $ 35,000 Cash Non-cash Assets 110,000 $ 32,000 Notes Payable 23,000 Angus, Capital Bl

Requirements
1. Prepare the June 30 entries to close the revenue, expense, income summary, and withdrawal accounts.
2. Open each partner's capital T-account with the adjusted balance, post the closing entries to their accounts, and determine each partner's ending capital balance.
3. Prepare the June 30 entries to liquidate the partnership assuming the non-cash assets are sold for $111,000?

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
Fantastic news! We've located the answer you've been seeking!

Step by Step Answer:

Related Book For  answer-question

Horngrens Accounting

ISBN: 978-0134674681

12th edition

Authors: Tracie L. Miller nobles, Brenda L. Mattison, Ella Mae Matsumura

Question Posted: