Balance Sheet December 20, 2016 Liabilities and Owners' Equity $61,000 Notes Payable $91,000 204,000 Nicholas Jay, Capital 74,000 186,000 Kamla Paul, Capital 206,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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I started it but I need help finishing this: -The land and buildings were sold for 180,000 and any partners with a resulting deficits can and do pay the amount of their deficits
Nicholas Jay, Kamla Paul, and Stephanie Ram plan to liquidate their partnership. They have always shared losses and gains in a 1:4:5
ratio, and on the day of the liquidation their balance sheet appeared as follows:
The Jaijairam Company
Balance Sheet
December 20, 2016
Assets
Liabilities and Owners' Equity
Cash
$61,000
Notes Payable
$91,000
Land
204,000
Nicholas Jay, Capital
74,000
Buildings
186,000
Kamla Paul, Capital
206,000
Stephanie Ram, Capital
80,000
Total Assets
$451,000
Total Liabilities & Owners' Equity
$451,000
Transcribed Image Text:Nicholas Jay, Kamla Paul, and Stephanie Ram plan to liquidate their partnership. They have always shared losses and gains in a 1:4:5 ratio, and on the day of the liquidation their balance sheet appeared as follows: The Jaijairam Company Balance Sheet December 20, 2016 Assets Liabilities and Owners' Equity Cash $61,000 Notes Payable $91,000 Land 204,000 Nicholas Jay, Capital 74,000 Buildings 186,000 Kamla Paul, Capital 206,000 Stephanie Ram, Capital 80,000 Total Assets $451,000 Total Liabilities & Owners' Equity $451,000
(To allocate the loss or gain on realization to partners)
20
Notes Payable
Cash
20
20
(To record payment of the capital deficiency by Stephanie)
20
(To record payment of partnership liability)
(To record distribution of cash to partners)
91000
91000
Transcribed Image Text:(To allocate the loss or gain on realization to partners) 20 Notes Payable Cash 20 20 (To record payment of the capital deficiency by Stephanie) 20 (To record payment of partnership liability) (To record distribution of cash to partners) 91000 91000
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