The partnership of Binh, Huyen, and Nguyen had profit- or loss-sharing ratio of 50%, 30%, and...

 

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The partnership of Binh, Huyen, and Nguyen had profit- or loss-sharing ratio of 50%, 30%, and 20%, respectively. After operating for several years, Binh, Huyen, and Nguyen decided to liquidate their partnership. Information regarding the partnership's non cash assets is as follows: Book Value $190,000 $560,000 Sold for $180,000 Inventories Equipment Building $500,000 $800,000 $710,000 REQUIRED: Prepare journal entries to record the sale of non-assets and the allocation of loss to the partners' capital accounts. The partnership of Binh, Huyen, and Nguyen had profit- or loss-sharing ratio of 50%, 30%, and 20%, respectively. After operating for several years, Binh, Huyen, and Nguyen decided to liquidate their partnership. Information regarding the partnership's non cash assets is as follows: Book Value $190,000 $560,000 Sold for $180,000 Inventories Equipment Building $500,000 $800,000 $710,000 REQUIRED: Prepare journal entries to record the sale of non-assets and the allocation of loss to the partners' capital accounts.

Answer rating: 100% (QA)

Journal Entry on sale Cash account Dr 1390000 Loss on sale ac Dr 160000 To I... View the full answer