On December 31, 2020, the accounting records a A, B, and D partnership included the following debit balances: A, drawing 60,000; D, drawing 22,500; and credit balances: B, loan 75,000; A capital 307,500; B, capital 251,250 and D, capital 270,000. The total assets of the partnership amounted to 1,196,250, including 131,250 cash. The partnership was liquidated on December 31 and D received 208,125 pursuant to the liquidation. A, B and D share profits and losses in a 5:3:2 ratio, respectively.The loss on realization amounts to:   a.61,875 b.868,125 c.309,374 d.196,875

Q: he partnership of C, A, and G named BREAKEVEN decided to liquidate their partnership on May 31,…

A: Step 1 A liquidation of a partnership is the process of setting  liabilities,  selling assets, and…

Q: A, B and C are partners. On January 2, 2020, their capital balances and profit and loss ratio are as…

A: Partnership is an agreement between two or more than two persons, in which they invest capitals, run…

Q: The GBE partnership became insolvent on January 1, 2021, and the partnership is being liquidated as…

A: Liquidation of Partnership In the process of liquidation of  partnership partners can set off the…

Q: The balance sheet as of September 30, 2021, for the partnership D,E and F shows the following…

A: The partnership comes into existence when two or more persons agree to do the business and further…

Q: On December 31, 2020, the partners of A, B & C LLP, who shared net income and losses in the ratio of…

A: In the partnership liquidation, the net realized assets from the assets is  to be paid in preference…

Q: Bel, Cel and Del, partners of the BCD Partnership, shared profits and losses in the ratio of 5:3:2,…

A: Partnership business means where two or more person comes together to  do the business and share the…

Q: The assets and capital of QRS Partnership at the end of its fiscal year on October 31,2021 are as…

A: Amount received by Q = (Amount available for distribution - Liabilities -  Loan from S) x Q's…

Q: Following is the statement of financial position of ABC Partnership before realization of assets on…

A: The partnership comes into existence when two or more persons agree to the business and share the…

Q: On January 1, 20X2, the partners of Allen, Brown, and Cox, who share profits and losses in the ratio…

A: Liquidation of partnership arises when the partnership starts to end its operations and the…

Q: The partners of ABC Partnership decided to liquidate the partnership on January 1, 2021. The…

A: Realization: In closing the affairs of a partnership firm, or other entity, the process of realizing…

Q: On June 30, 2020, the statement of financial position for the partnership of A, B, and C together…

A: Partnership means where two or more person comes together to do some common business activity and…

Q: After the accounts are closed on April 10, prior to liquidating the partnership, the capital…

A: Liquidation can be simply interpreted as a process of bringing the business into its end and…

Q: The partnership of DDD was formed on January 1. 2020. The original cash investment were as follows:…

A: Computation of average capital:

Q: After closing the accounts on July 1, prior to liquidating the partnership, the capital account…

A: Assets with a book value of $103,800 are sold for $82,800. The loss on sale of assets will be…

Q: As of January 1, 2021, the partnership of Carlin, Yearly, and Granite had the following account…

A: As granite capital is in negative the partner will bring cash upto that amount.   1. Determination…

Q: On July 1, 2019, Jun, Mar and Roy decided to liquidate their partnership. Prior to liquidation, the…

A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…

Q: On December 31, 2020, the accounting records a A, B, and D partnership included the following debit…

A: Partnership means where two or more person comes together to do some common business activity and…

Q: The partnership of C, A, and G named BREAKEVEN decided to liquidate their partnership on May 31,…

A: Partnership is an agreement between two or more persons in which they invest capital, run business…

Q: The accounts of the partnership of Ace, Vergel, and De Dios at the end of its fiscal year on June…

A: 16) Total amount received from liquidation = 375000 Payment of liabilities = 175000 Total amount…

Q: The GBE partnership became insolvent on January 1, 2021, and the partnership is being liquidated as…

A: SOLUTION- PARTNERSHIP MEANS WHERE TWO OR MORE PERSON COME TOGETHER TO DO SOME COMMON BUSINESS…

Q: he assets and capital of QRS Partnership at the end of its fiscal year on October 31, 2021 are as…

A:

Q: The following balances as of the end of 2022 for the partnership of X, Y, and Z, together with their…

A: Capital account of partner refers to the distinct account which states equity within the partnership…

Q: After closing the accounts on July 1, prior to liquidating the partnership, the capital account…

A: When the partnership is dissolved, the net assets available for distribution to partners is…

Q: Capital balances and profit-sharing percentages for the partnership of Man, Eme, and Fot partnership…

A: Partnership Firm:- A partnership firm is defined as the association of more than two persons who…

Q: Finnegan and Healey form a partnership on January 1, 2024, contributing $60,000 and $19,000,…

A: A partnership is an agreement or association between two or more persons, in which they invest their…

Q: Use the following information for numbers 24 to 28. A, B and C formed a partnership on January 2,…

A: 24. Ans.  Partner A.  P 110000 25. Ans.  Partner B.  P 220000 Solution Capital of A on Jan 2 ,…

Q: How much were the proceeds from the sale of the partnership's non-cash assets? How much cash will A…

A: Liquidation: Liquidation can be defined as the process of bringing business entity to an end and…

Q: What is the capital balance of B after the retirement of C?

A: Given: Capital A P800,000, Capital B P600,000 Capital C P200,000 Profit or loss ratio of 1:4:5 C…

Q: After the accounts are closed on April 10, prior to liquidating the partnership, the capital…

A: Definition of Partnership: Its an agreement between two or more partners to form a business and…

Q: The following balance sheet accounts for the partnership of A, B and C were taken from the books on…

A: Partnership is the association of two or more persons who have agreed to share profit and losses in…

Q: A, B and C were partners with capital balances on January 1, 2020 of 100,000, 150,000, and 200,000…

A: In this case capital on July 1 is:- Capital=opening capital+ Share in profit+ Share in FV changes

Q: partnership

A: Partnership refers to an agreement between 2 or more people agreeing to share profits and losses in…

Q: The partners of the MKR Partnership agree to liquidate their partnership on December 31, 2020. At…

A: Journal entry represents the primary entry where the financial transactions are recorded.

Q: After the accounts are closed on April 10, prior to liquidating the partnership, the capital…

A: Partnership It is that form of organization which is owned and managed by two or more persons who…

Q: The following balance sheet accounts were taken from the partnership of J&J Co. on March 31, 2020…

A: Liquidation means where the business of firm is closed down , assets are sold out and liabilities…

Q: The following balances as at October 31, 2016 for the Partnership of Kathy, Lilia, and Minda were as…

A: 1. As on 31.10.2016, Partnership of Kathy, Lilia and Minda share = 3 : 3 : 4 respectively. Kathy…

Q: total capital of the partnership after the formation

A: Total capital = Total assets brought in - Total liabilities

Q: The partnership of C, A, and G named BREAKEVEN decided to liquidate their partnership on May 31,…

A: The Indian Partnership Act, 1932 defines Partnership in the following terms: “ Partnership is the…

Q: The following balances as at October 21, 2016 for the Partnership of KATHY, LILIA, and MINDA were as…

A: Partnership is a form of organization in which business is owned by two or more people. Profits and…

Q: nd loss shar

A: In case of liquidation of partnership business , all non cash assets are sold and the proceeds from…

Q: The GBE partnership became insolvent on January 1, 2021, and the partnership is being liquidated as…

A: SOLUTION- PARTNERSHIP  MEANS WHERE TWO OR MORE PERSON COMES TOGETHER TO DO SOME COMMON BUSINESS…

Q: On December 31, 2020, the Statement of Financial Position of ABC Partnership with profit or loss…

A: (1) Cash Received from sale of Non-Cash Assets : (a) Book Value of Non Cash Assets sold = P…

Q: Net income for AB partnership for 2021 was $125,000. A and B have agreed to distribute partnership…

A: The question is related to Partnership Accounting. We will start with calculation of Average capital

Q: The accounts of the partnership of A, B and C at the end of its fiscal year 011 October 31, 2021 are…

A: Answers to questions

Q: On January 01, 2020, Malachi and Haggai agreed to form a partnership. The following are their assets…

A: Partnership: When more than one person comes together to form a business and make an agreement. This…

Q: How much should A and C receive upon liquidation of the partnership?

A: Partnership is the legal form of business organization which is established by multiple individuals…

Q: After closing the accounts on July 1, prior to liquidating the partnership, the capital account…

A: