30, 2018, the following accounts remained open: Account Title Debit Credit Cash P 50,000 Non-cash Assets 2,350,000 Liabilities P 400,000 Arenas, Capital 900,000 Dulay, Capital 500,000 Laurente, Capital 600,000 The non-cash assets are sold for P2,650,000. Profits and losses are shared equally. Prepare a Statement of Partnership Liquidation and the entries to record the following: 1. Distribution of cash to the partners
30, 2018, the following accounts remained open: Account Title Debit Credit Cash P 50,000 Non-cash Assets 2,350,000 Liabilities P 400,000 Arenas, Capital 900,000 Dulay, Capital 500,000 Laurente, Capital 600,000 The non-cash assets are sold for P2,650,000. Profits and losses are shared equally. Prepare a Statement of Partnership Liquidation and the entries to record the following: 1. Distribution of cash to the partners
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 9SPB
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After several years of operations, the partnership of Arenas, Dulay and Laurente is to be liquidated. After making the closing entries on June 30, 2018, the following accounts remained open:
Account Title Debit Credit
Cash P 50,000
Non-cash Assets 2,350,000
Liabilities P 400,000
Arenas, Capital 900,000
Dulay, Capital 500,000
Laurente, Capital 600,000
The non-cash assets are sold for P2,650,000. Profits and losses are shared equally.
Prepare a Statement of Partnership Liquidation and the entries to record the following:
1. Distribution of cash to the partners
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