Cam, Andy and Rae are partners in CAR Brokers and share losses in a 3 : 4
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Question:
Cam, Andy and Rae are partners in CAR Brokers and share losses in a :: ratio, respectively. The balance sheet on December when they decide to liquidate the business, is as follows:
Assets Liabilities and Capital
Cash $ Accounts Payable $
Noncash Assets $ Cam, Loan
Cam, Capital
Andy, Capital
Rae, Capital
Total Assets $ Total Liabilities & Equities $
Note:
A revaluation was done for noncash assets valuing them at $ The noncash assets were then sold for $
As the accountant for the partnership, how do i prepare Revaluation account?
Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
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