If all the partners are insolvent and the non-cash assets were sold at P 10,000, what is the entry to eliminate the capital deficiency in the capital deficient partner? ABC Partnership have the following balances before liquidation: 250,000 500,000 Accounts payable Aloan A, Capital (40%) B, Capital (45 %) C, Capital (15%) 50,000 10,000 190,000 Cash Non-cash assets 350,000 150,000 Debit Aloan 6 000 Credit A, Capital 6,000 Debit Aloan 10 000 Credit A, Capital 10,000 O Debit B Capita 4,500 and C. Capital 1.500: Credit A Capital 6,000 Deot A Capits 6000 Credit B Capital 4500 and C Cap ta 1,500

If all the partners are insolvent and the non-cash assets were sold at P 10,000, what is the entry to eliminate the capital deficiency in the capital deficient partner? ABC Partnership have the following balances before liquidation: 250,000 500,000 Accounts payable Aloan A, Capital (40%) B, Capital (45 %) C, Capital (15%) 50,000 10,000 190,000 Cash Non-cash assets 350,000 150,000 Debit Aloan 6 000 Credit A, Capital 6,000 Debit Aloan 10 000 Credit A, Capital 10,000 O Debit B Capita 4,500 and C. Capital 1.500: Credit A Capital 6,000 Deot A Capits 6000 Credit B Capital 4500 and C Cap ta 1,500

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter11: Property Dispositions

Section: Chapter Questions

Problem 53P

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