John Smith and Mary Jones are in a partnership which provides consulting services in the bio -
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John Smith and Mary Jones are in a partnership which provides consulting services in the biotech industry. John and Mary share profits and losses on a : ratio. On December they decide to liquidate the partnership. On the date of liquidation, their balance sheet showed the following: Cash $; equipment $; accumulated depreciation equipment $; Smith's Capital $; and Jone's Capital $ The partners sold the equipment for $Required:Prepare the journal entry explanation not required on December to record the final distribution of the cash to the partners. Show CalculationsDebit
Related Book For
Fundamental Accounting
ISBN: 9781485112112
7th Edition
Authors: David Flynn, Carolina Koornhof, Ronald Arendse, Anna C. E. Coetzee, Edwardo Muriro, Louise Christel Posthumus, Louise Mancy Smit
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