On October 15 Martinez and Royka decide to end their partnership. Their assets consist of $10,000 in
Question:
On October 15 Martinez and Royka decide to end their partnership. Their assets consist of $10,000 in cash and inventory that cost $105,000 and was sold for $95,000. Their only liability is a note payable for $10,000 that will be paid in full. Their capital balances are Martinez, $60,000 and Royka, $45,000. They share profits and losses equally.
Instructions
In your working papers, prepare the journal entries to record the liquidation of the partnership.
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Step by Step Answer:
The journal entries is as follows i The first entry 1 Mart...View the full answer
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