Harry, Tony, and Liza run a partnership firm and share in the profits 1:3:2, respectively. In the process of liquidation, the partnership sells non-cash assets, having a book value of $83,000, for $81,000. What would be the journal entry for distribution to partners for the loss on the sale of the non-cash assets? O Cash Loss on Disposal Non-cash Assets O Harry, Capital Tony, Capital Liza, Capital Loss on Disposal O Cash Gain on Disposal Non-cash Assets Loss on Disposal O Loss on Disposal Harry, Capital Tony, Capital 81,000 2,000 333 1,000 667 81,000 3,000 2,000 83,000 2,000 83,000 1,000 333 1,000
Harry, Tony, and Liza run a partnership firm and share in the profits 1:3:2, respectively. In the process of liquidation, the partnership sells non-cash assets, having a book value of $83,000, for $81,000. What would be the journal entry for distribution to partners for the loss on the sale of the non-cash assets? O Cash Loss on Disposal Non-cash Assets O Harry, Capital Tony, Capital Liza, Capital Loss on Disposal O Cash Gain on Disposal Non-cash Assets Loss on Disposal O Loss on Disposal Harry, Capital Tony, Capital 81,000 2,000 333 1,000 667 81,000 3,000 2,000 83,000 2,000 83,000 1,000 333 1,000
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 1PB: The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a...
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