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liquidated gradually over several months beginning January 1, 2018. The partnership trial balance as of December 31, 20 is as follows: Debits P 3,000 10,000 25,000 4,000 15,000 18,000 10,000 Credits Cash Accounts receivable Inventory Loan to B Furniture Equipment Goodwill Accounts payable Note payable Loan from C A, capital (30%) B, capital (20%) P12,000 30,000 6,000 12,000 9,000 C canital (35%) 12.000

liquidated gradually over several months beginning January 1, 2018. The partnership trial balance as of December 31, 20 is as follows: Debits P 3,000 10,000 25,000 4,000 15,000 18,000 10,000 Credits Cash Accounts receivable Inventory Loan to B Furniture Equipment Goodwill Accounts payable Note payable Loan from C A, capital (30%) B, capital (20%) P12,000 30,000 6,000 12,000 9,000 C canital (35%) 12.000

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 1PB: The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a...
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A. B, C and D are partners who share profits and losses 30%, 20%, 35% and 15%, respectively. The partnership will be liquidated gradually over several months beginning January 1, 2018. The partnership trial balance as of December 31, 2017 is as follows: Debits Credits P 3,000 10,000 25,000 4,000 15,000 18,000 10,000 Cash Accounts receivable Inventory Loan to B Furniture Equipment Goodwill Accounts payable Note payable Loan from C A, capital (30%) B, capital (20%) C, capital (35%) D, capital (15%) P12,000 30,000 6,000 12,000 9,000 12,000 4,000 Prepare a cash distribution plan for January 1, 2018, showing how cash installments will be distributed among the partners as it becomes available.
Transcribed Image Text:A. B, C and D are partners who share profits and losses 30%, 20%, 35% and 15%, respectively. The partnership will be liquidated gradually over several months beginning January 1, 2018. The partnership trial balance as of December 31, 2017 is as follows: Debits Credits P 3,000 10,000 25,000 4,000 15,000 18,000 10,000 Cash Accounts receivable Inventory Loan to B Furniture Equipment Goodwill Accounts payable Note payable Loan from C A, capital (30%) B, capital (20%) C, capital (35%) D, capital (15%) P12,000 30,000 6,000 12,000 9,000 12,000 4,000 Prepare a cash distribution plan for January 1, 2018, showing how cash installments will be distributed among the partners as it becomes available.
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