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Guess, Drawing (debit balance) Levis, Drawing (debit balance) Jag, Loan Guess, Capital

Guess, Drawing (debit balance) Levis, Drawing (debit balance) Jag, Loan Guess, Capital

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...
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The partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. Profits and losses are shared 50%; 30%; and 20%, respectively. C. Guess, Drawing (debit balance) Levis, Drawing (debit balance) Jag, Loan Guess, Capital Jag, Capital Levis, Capital P (32,000) (12,000) 40,000 164,000 134,000 144,000 Total assets amounted to P 638,000, including cash of P 70,000, and P 200,000 worth of liabilities. On January 2019, the partnership was liquidated, and Jag received P 111,000 cash as final settlement. Required: 1. The total loss from the liquidation of the partnership Prepare the statement of liquidation. Journal entries to record the liquidation. 2. 3.
Transcribed Image Text:The partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. Profits and losses are shared 50%; 30%; and 20%, respectively. C. Guess, Drawing (debit balance) Levis, Drawing (debit balance) Jag, Loan Guess, Capital Jag, Capital Levis, Capital P (32,000) (12,000) 40,000 164,000 134,000 144,000 Total assets amounted to P 638,000, including cash of P 70,000, and P 200,000 worth of liabilities. On January 2019, the partnership was liquidated, and Jag received P 111,000 cash as final settlement. Required: 1. The total loss from the liquidation of the partnership Prepare the statement of liquidation. Journal entries to record the liquidation. 2. 3.
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