Homework Help is Here – Start Your Trial Now!
Business
Accounting
1. Done is as follows: one Partnership is undergoing liquidation. Information on Cash Accounts receivable Receivable from A 20,000 Accounts payable 60,000 Payable to B 10,000 A; Capital (60%) 120,000 B, Capital (40%) 290,000 500,000 Total Liab. & Equity 30,000 20,000 250,000 Inventory Equipment, net Total 200,000 500,000

1. Done is as follows: one Partnership is undergoing liquidation. Information on Cash Accounts receivable Receivable from A 20,000 Accounts payable 60,000 Payable to B 10,000 A; Capital (60%) 120,000 B, Capital (40%) 290,000 500,000 Total Liab. & Equity 30,000 20,000 250,000 Inventory Equipment, net Total 200,000 500,000

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter19: Accounting For Partnerships
Section: Chapter Questions
Problem 5SEA: ENTRIES: PARTNERSHIP LIQUIDATION On liquidation of the partnership of J. Hui and K. Cline, as of...
See similar textbooks
icon
Related questions
Question
1. Done Partnership is undergoing liquidation. Information on Done is as follows: 20,000 Accounts payable 60,000 Payable to B 10,000 A; Capital (60%) 120,000 B, Capital (40%) 290,000 Cash 30,000 Accounts receivable Receivable from A 20,000 250,000 Inventory Equipment, net 200,000 Total 500,000 Total Liab. & Equity 500,000
Transcribed Image Text:1. Done Partnership is undergoing liquidation. Information on Done is as follows: 20,000 Accounts payable 60,000 Payable to B 10,000 A; Capital (60%) 120,000 B, Capital (40%) 290,000 Cash 30,000 Accounts receivable Receivable from A 20,000 250,000 Inventory Equipment, net 200,000 Total 500,000 Total Liab. & Equity 500,000
Case 1: Lump-sum liquidation The non-cash assets were realized as follows: a. Only 70% of the accounts receivable was collected; the balance is uncollectible. b. P20,000 was received for the entire inventory. c. The equipment was sold for P310,000. d. P12,000 liquidation expenses were paid. Requirement: Compute for the cash distributions to the partners.
Transcribed Image Text:Case 1: Lump-sum liquidation The non-cash assets were realized as follows: a. Only 70% of the accounts receivable was collected; the balance is uncollectible. b. P20,000 was received for the entire inventory. c. The equipment was sold for P310,000. d. P12,000 liquidation expenses were paid. Requirement: Compute for the cash distributions to the partners.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Partners and Partnerships
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
SWFT Comprehensive Volume 2019
SWFT Comprehensive Volume 2019
Accounting
ISBN:
9780357233306
Author:
Maloney
Publisher:
Cengage
SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
Accounting
ISBN:
9780357391266
Author:
Nellen
Publisher:
Cengage
SWFT Corp Partner Estates Trusts
SWFT Corp Partner Estates Trusts
Accounting
ISBN:
9780357161548
Author:
Raabe
Publisher:
Cengage
SWFT Individual Income Taxes
SWFT Individual Income Taxes
Accounting
ISBN:
9780357391365
Author:
YOUNG
Publisher:
Cengage
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
SEE MORE TEXTBOOKS