On June 30, 2021 – Gold, Titanium and Silver have decided to liquidate their partnership. The shared profits of the partners are in the ratio of 2:2:1, respectively. The partnership's post-closing trial balance is given in the picture.Required:1.Prepare the liquidation journal entries.2. Prepare the statement of liquidation. Gold, Titanium, and SilverPost-Closing Trial BalanceJune 30, 2021P 419,170Merchandise Inventory 612,300472,680CashOther AssetsAccounts PayableGold, CapitalTitanium, CapitalSilver, CapitalP 131,350561,600436,800374,400The merchandise inventory and the other assets were sold for P582,800 and P550,900, respectively.

The question is based on the concept of Financial Accounting.

On June 30, 2021 – Gold, Titanium and Silver have decided to liquidate their partnership. The shared profits of the partners are in the ratio of 2:2:1, respectively. The partnership's post-closing trial balance is given in the picture. Required: 1.Prepare the liquidation journal entries. 2. Prepare the statement of liquidation.

On June 30, 2021 – Gold, Titanium and Silver have decided to liquidate their partnership. The shared profits of the partners are in the ratio of 2:2:1, respectively. The partnership's post-closing trial balance is given in the picture. Required: 1.Prepare the liquidation journal entries. 2. Prepare the statement of liquidation.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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