A B and C partnership is being liquidated. The current balance sheet is shown here: Cash 25,000 Other assets 120,000 Accounts payable 40,000 A, Capital (306) 31,000 B, Capital (40%) 65,000 C. Capital (30%) 9,000 Required: Prepare a schedule of partnership liquidation for each of the following independent cases: a. Non-cash assets are sold for P60,000, and any partner with a deficit is unable to eliminate any of the deficit. b. Non-cash assets are sold for P60,000, and any partners with a deficit is able to invest cash equal to the amount of the deficit. C. Non-cash assets are sold for PS0,000, and any partner with a deficit is able to invest up to P8,000 cash in the partnership.

A B and C partnership is being liquidated. The current balance sheet is shown here: Cash 25,000 Other assets 120,000 Accounts payable 40,000 A, Capital (306) 31,000 B, Capital (40%) 65,000 C. Capital (30%) 9,000 Required: Prepare a schedule of partnership liquidation for each of the following independent cases: a. Non-cash assets are sold for P60,000, and any partner with a deficit is unable to eliminate any of the deficit. b. Non-cash assets are sold for P60,000, and any partners with a deficit is able to invest cash equal to the amount of the deficit. C. Non-cash assets are sold for PS0,000, and any partner with a deficit is able to invest up to P8,000 cash in the partnership.

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 9SPA

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