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QS $12-13($Algo$)$ Liquidation of partnership LO P$5$

$[$The following information applies to the questions displayed below.$]$

The Field, Brown & Snow are partners and share income and losses equality. The partner decide to liquidate the

partnership when their capital balances are as follows: Field, $$130,500$; Brown, $$166,600$; and Snow, $$155,500.$ On May $31,$

the liquidation resulted in a loss of $$407,100.$

QS $12-13($Algo$)$ Part $3$

Assume that the partner with a deficit does not reimburse the partnership. Prepare journal entries $($a$)$ to transfer the deficit to the

other partners and $(b)$ to record the final disbursement of cash to the partners.

Journal entry worksheet

Record the final disbursement of cash to the partners.

Note: Enter debits before credits.

QS $12-13($Algo$)$ Liquidation of partnership LO P$5$

$[$The following information applies to the questions displayed below.$]$

The Field, Brown & Snow are partners and share income and losses equality. The partner decide to liquidate the

partnership when their capital balances are as follows: Field, $$130,500$; Brown, $$166,600$; and Snow, $$155,500.$ On May $31,$

the liquidation resulted in a loss of $$407,100.$

QS $12-13($Algo$)$ Part $3$

Assume that the partner with a deficit does not reimburse the partnership. Prepare journal entries $($a$)$ to transfer the deficit to the

other partners and $(b)$ to record the final disbursement of cash to the partners.

Journal entry worksheet

Record transfer of Field's deficit to the other partners.

Note: Enter debits before credits.