Assume the Cash Account and the Partners Capital accounts after recognition of any gain / loss...
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Assume the Cash Account and the Partners Capital accounts after recognition of any gain / loss on the sale of the Non-Cash Assets are as follows: P & L Ratio (1) B, Capital 30,000 Balances Cash 40,000 (3) A, Capital 20,000 (1) C, Capital (10,000) Required: Record the Journal Entries for each of the following independent items: a) Partner C contributes cash to the the partnership to make up for his capital deficiency. b) Partner A & B on a pro-rata basis, absorb Partner C's deficiency c) The Partnership pays Partners A & B on their remaining capital balances after absorbing C's negataive capital balance Assume the Cash Account and the Partners Capital accounts after recognition of any gain / loss on the sale of the Non-Cash Assets are as follows: P & L Ratio (1) B, Capital 30,000 Balances Cash 40,000 (3) A, Capital 20,000 (1) C, Capital (10,000) Required: Record the Journal Entries for each of the following independent items: a) Partner C contributes cash to the the partnership to make up for his capital deficiency. b) Partner A & B on a pro-rata basis, absorb Partner C's deficiency c) The Partnership pays Partners A & B on their remaining capital balances after absorbing C's negataive capital balance
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a Partner C contributes cash to the partnership to make up for his capital deficiency Journal Entry ... View the full answer
Related Book For
Accounting Principles Volume 2
ISBN: 9781119786634
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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