Journal entry worksheet1<Record transfer of Field's deficit to the other partners.Note: Enter debits before credits.Transaction(a)Record entry12Journal entry worksheet2Transaction(b)Note: Enter debits before credits.Record entryGeneral JournalRecord the final disbursement of cash to the partners.Clear entryGeneral JournalClear entryDebitDebitCreditView general journalCreditView general journal> Required informationQS 12-13 (Algo) Liquidation of partnership LO P5[The following information applies to the questions displayed below.]The Field, Brown & Snow are partners and share income and losses equality. Thepartner decide to liquidate the partnership when their capital balances are asfollows: Field, $129,400; Brown, $165,500; and Snow, $153,800. On May 31, theliquidation resulted in a loss of $407,400.QS 12-13 (Algo) Part 33. Assume that the partner with a deficit does not reimburse the partnership. Prepare journal entrie(a) to transfer the deficit to the other partners and (b) to record the final disbursement of cash to thepartners.View transaction listJournal entry worksheetCheck my work12

A journal entry is a record of a single business transaction. It includes the date, the amount to be…

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, $129,400; Brown, $165,500; and Snow, $153,800. On May 31, the liquidation resulted in a loss of $407,400. QS 12-13 (Algo) Part 3 3. Assume that the partner with a deficit does not reimburse the partnership. Prepare journal entrie (a) to transfer the deficit to the other partners and (b) to record the final disbursement of cash to the partners.

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, $129,400; Brown, $165,500; and Snow, $153,800. On May 31, the liquidation resulted in a loss of $407,400. QS 12-13 (Algo) Part 3 3. Assume that the partner with a deficit does not reimburse the partnership. Prepare journal entrie (a) to transfer the deficit to the other partners and (b) to record the final disbursement of cash to the partners.

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter10: Partnership Taxation

Section: Chapter Questions

Problem 18MCQ

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STATEMENT OF PARTNER SHIP LIQUIDATION WITH LOSS After several years of operations, the partnership of Delco, Smith, and Walker is to be liquidated. After making closing entries on March 31, 20--, the following accounts remain Open. The noncash assets are sold for 165,000. Profits and losses are shared equally. REQUIRED 1. Prepare a statement of partnership liquidation for the period April 115, 20--, showing the following: (a) The sale of noncash assets on April 1 (b) The allocation of any gain or loss to the partners on April 1 (c) The payment of the liabilities on April 12 (d) The distribution of cash to the partners on April 15 2. Journalize these four transactions in a general journal.
STATEMENT OF PARTNER SHIP LIQUIDATION WITH LOSS After several years of operations, the partnership of Nelson, Pope, and Williams is to be liquidated. After making closing entries on March 31, 20--, the following accounts remain open: REQUIRED 1. Prepare a statement of partnership liquidation for the period July 120, 20--, showing the following: (a) The sale of noncash assets on July 1 (b) The allocation of any gain or loss to the partners on July 1 (c) The payment of the liabilities on July 15 (d) The distribution of cash to the partners on July 20 2. Journalize these four transactions in a general journal.
[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, $166,100; and Snow, $155,800. On May 31, the liquidation resulted in a loss of $407,400. QS 12-13 (Algo) Part 3 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. View transaction list Journal entry worksheet < 1 Record transfer of Field's deficit to the other partners. Note: Enter debits before credits Transaction (a) General Journal Debit Credit
AA, BB and CC decided to liquidate the partnership on July 31, 2022. Their capital balances and profit ratio on this date follow: Capital Balances Profit Ratio AA P56,000 45% BB 72,000 25% CC 32,000 30% The net income from January 1to July 31, 2022 is P12,000. Also, on this date, cash and liabilities are P42,000 and P58,000 respectively. CC received P41,600 in full settlement of his interest in the firm. How much did AA receive?
nment/takeAssignmentMain.do?invoker3&takeAssignmentSessionLocator=&inprogress3false Regarding a partnership, which of the following statements is/are always correct? If a partnership is an active trade or business and it has a $65,000 loss from its business operations that is passed-through as an active loss to its partners, each active partner can deduct his full share of loss for the year to the extent they have basis that is at-risk. I. II. Salaries and bonuses paid to partner-employees (other than guaranteed payments) are a deductible business expense. Oa, Only statement II is correct. Ob. Only statement I is correct. Oc. Both statements are correct. Od. None of these statements are correct. Previous Next
Required information Skip to question [The following information applies to the questions displayed below.] Turner, Roth, and Lowe are partners who share income and loss in a 1:4:5 ratio (in percents: Turner, 10%; Roth, 40%; and Lowe, 50%). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $135,600; total liabilities, $86, 000; Turner, Capital, $3,300; Roth, Capital, $14, 400; and Lowe, Capital, $31,900. The liquidation resulted in a loss of $81, 600. Required: Allocate the loss to the partners. Determine how much each partner should contribute to the partnership to cover any remaining capital deficiency.
XYZ Partnership with partners X, Y and Z decided to liquidate. At the date of liquidation, the partnership has cash of P150,000 and liabilities of P80,000. The capital balances of the partners are P80,000, P50,000, and P60,000 and divides profits and losses at 20:40:40 After the sale of noncash assets and payment of liabilities, the capital balances of the partners are P88,000, P66,000, and P76,000 respectively, and the cash remaining were then distributed. At what amount did the noncash assets were sold? P310,000 P220,000 P160,000 P120,000
Problem 2. During liquidation, the Partnership of Pateno, Bautista and Apalisoc became insolvent. On Jan. 17, 2021, after all non-cash assets had been realized and all available cash had been distributed to creditors, the statement of financial position of the partnership is as follows: Liabilities and Partners' Capital: Accounts payable - Trade P60,000 120,000 Pateno, Capital Bautista, Capital -160,000 Apalisoc, Capital -20,000 P-0- Total liabilities & partners' capital The partners share profits and losses (including gains and losses in liquidaion) in the ratio 20%, 50% and 30%, respectively. On Jan. 17, 2021, the personal financial positions of the partners were as shown below: Partner Assets Liabilities Pateno P60,000 P80,000 Bautista 280,000 200,000 Apalisoc 250,000 240,000 Required: Determine the receipt of cash from Bautista and Apalisoc, the appropriate distribution of cash, and the completion of the partnership liquidation.
1. Liabilities of P300,000 were settled in full for P224,000. The P76,000 difference would be reported on the statement of realization and liquidation as: [A] Liabilities not liquidated [B] Liabilities to be liquidated [C] Gain [D] Loss 2. Which of the following is incorrect on why a particular partner may have a deficit balance during a partnership liquidation? I. The partner with the deficit may have the greatest profit and loss residual ratio II. The partner with the deficit may have made the greatest withdrawals from the partnership III. The partner with the deficit may have the smallest profit and loss residual ratio {A}. I only {B}. II only {C}. III only {D}. I and II only 3. When making a distribution to partners during a partnership liquidation, the partner who should receive the last allocation of the distribution is the one who has which of the following? [A] The largest capital account balance [B] The largest loss absorption power [C] The smallest capital account…