Leslie Bjorn, Jason Douglas, and Tom Pierce have a partnership

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.

Members

  • Access to 1 Million+ Textbook solutions
  • Ask any question from 24/7 available
    Tutors
$13.99
VIEW SOLUTION
OR

Non-Members