B) After dividing the income for the year, all parties agreed to liquidate the partnership. The values of the assets and 6 liabilities are shown below. The furniture is sold for $54,000 and all other assets are sold at their given values. Any gains 7 or losses from liquidation are split evenly among all partners. B Cash $4,82,000 Accounts Receivable 50,000 1 Net Equipment 2,47,000 Net Furniture 84,000 3 Accounts Payable 36,000 Bank Loan 1,12,000 Prepare the journal entries to sell the assets, distribute any gains or losses to the partners, pay the liabilities and distribute the cash to the partners. Date Account Title and Explanation Debit Credit Rarul and Amy decided to start a partnership called SA Consulting only 1, 2000. SA Consulting assists business owners with their accounting needs. Each partner contributed a number of items to the partnership, which are listed below. All tangible assets are listed at the market value I canh Razul Amy (cash $10,000 50.000 Equipment 1,90,000 fumiture Rankton 0.000 Accounts Payable 30,000 11 on March 1, Karul and Amy added a new partner to the business, Sheila Sheila will contribute $1,00,000 and receive a 39 12 share of the business. Use the capital balances from anuary 1 to determine any bonuses. Assume the existing partners will 13 split any bonus evenly 14 15 16 During the year, Rarul and Amy withdrew $20,000 and $15,000 respectively and the business reported income of 17 54,00,000. Their partnership agreement provided for sharing of net incomeous) on the following basis 18 19 Salary at 500,000 is allocated to Rarut, $50,000 to Amy, and $20,000 to Sheila 202. Interest is allocated at 7 of each partner's opening capital balance 21 . Remaindet is shared where larut gets 40%, Amy et 28and Sheilagets 22 23 24) Prepare the ouma entries to record the contributions of each partner to start the partnership a marka 25 26 Date Act Title and Explanation Credit 27 28 29 30 31 32 33 34 35 36 77 38 319 40 41 Prepare a schedule showing the changes in capital and ending capital balance then she 42 Harul Amy Total 44 45 46 47 48 Prepare the journal entry to record the son of the path March 49 th 50 Date 51 51 54 55 56 57 58 50 50 Tore Angabenstoesprch with 61 an perence for when some pay the time to buy from a consulte ther than compete who have din coming mark ust2 deficiencies you can see with how SA Consulting manages its ccounts receive 5 6 7 8 9 0 1 22 23 e) on April 7, 2000. John's like a client contacted Barut with a question regarding bad debt. John stated that 34 his customer said they were for bankruptcy. Give the journal entry to record the son owed by the US customer given that ohn's Jacks uses the direct method of counting for bad debts. 76 77 Date Account Tale and Explanation Det 78 Credit 79 BO 81 82 83 on November 22.2021, the customer informs John's lacks that they can pay the bad debt because they had 84 a lawsuit against another business Record the sequent collection of the mounted 85 86 Date Account Title and Explanation Ced 87 Zmarks 89 90 91 92 93 54 95 96 Why the above treatment of the bad debt not be considered acceptabirinch ASPE 977 98 99 100 101 102 100 104 105 20 In wing the records for a client, Golden Grain Com.Amy od the followme pital 106 sets Golden Grain Company has adopted a partial year depreciation policy, where deco 107 bis 100 109 110 1. on March 31, 2020, Golden Grun spent $14.000,00 to purchase and trade with 111 will use as a whole. The land has a far value of and the big won the state of 112 the purchase. The building has a value of 2.000,00 and is expected to anno 113 company evenly over its spected of 20 years old and was 114 purchase and because the building ched to the land the Internected the photo 115 building and credit to cash 116 117 2.1.2000, the company purchased test cost of the earth 116 feded to be only on the recorded the purchased 119.500.000 120 121. November 30, the incurred some we damage. The 122 intern capitalised this contby debiting time and creating cho 123 124 Formach at the event where the the marks 125 w what we should have done 126 127 1011 21 on November 20, 2000, the building incurred some waterdamage. The compet.000 to repair the damage. The 22 inmatated this cost by bing building and red for 23 24 For each of the above event.coment on whether the wee's better the contenuchy w ASPE. If the intern marka 25 was worst what she should have done 26 27 20 29 30 31 32 32 134 135 136 138 19 140 1741 On November 15, 2020, enton Completowany 740 746 One L. 20, man Company home offertest 747 e off this note 10.000 plus encombered and pres 14 desting entries and financial statements only once 150 Prepare the journal entry to record the whom the 151 152 Date Acean Titelan 153 154 Debi G 2 marks 155 156 157 150 Prepare the dating entry on November 19 160 Date Antide and talento 161 103 1603 104 Det Dedi mark C 166 Prepare the many read the payment of the test on May 13 157 Date Awe and plant 166 170 111 172 173 174 175 176 177 What would be the total notele Balance May. How 2 Totaltepe 100 cent port 151 10 Pretournal entry the part what 182 114 Date ma 3 marks 182 Prepare the journal entry to record the partner withdrawal of cash at December 1 for SC Contulting, 183 18A Date No Title and Explanation Debit Credit 185 186 187 159 189 190 191 192 193) Prepare a schedule showing the allocation of the net income to the partners of SC Consulting at year and 194 195 Total Rana Amy Sheila 196 Net Income $400,000 197 198 199 200 201 202 200 204 205 15 marki mark Prepare the journal entries to record the distribution of income and the closing of the withdww.accounts. Assume 206 revenues and expenses have been closed to the income summary count. 207 200 Date Account Title and Explanation Credit 209 210 211 212 213 214 215 216 237 218 219 220 221 2222 223 224 225 de diviting the income for the yer aliaeed to liquidate the partners. The waters of me wets and 225 shown below. The future is sold for, and all the other values. Any 227romare everyong aller 223 229 42,00 230 Acourt cable 23 Net Equipment BATO 212 233 AS ble 24 Banka 1 12.000 235 the rules the wet wyspy tbt 27 the cash the partner S. 18 Date 203 40 241 24 10 ) After dividing the income for the year, all parties agreed to liquidate the partnership. The values of the assets and 5 liabilities are shown below. The furniture is sold for $54,000 and all other assets are sold at their given values. Any gains or losses from liquidation are split evenly among all partners. 16 marks 9 Cash $4,82,000 0 Accounts Receivable 50,000 1 Net Equipment 2,47,000 2 Net Furniture 84,000 33 Accounts Payable 36,000 34 Bank Loan 1,12,000 35 36 Prepare the journal entries to sell the assets, distribute any gains or losses to the partners, pay the liabilities and distribute 37 the cash to the partners. 38 239 Date Account Title and Explanation Debit Credit 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 B) After dividing the income for the year, all parties agreed to liquidate the partnership. The values of the assets and 6 liabilities are shown below. The furniture is sold for $54,000 and all other assets are sold at their given values. Any gains 7 or losses from liquidation are split evenly among all partners. B Cash $4,82,000 Accounts Receivable 50,000 1 Net Equipment 2,47,000 Net Furniture 84,000 3 Accounts Payable 36,000 Bank Loan 1,12,000 Prepare the journal entries to sell the assets, distribute any gains or losses to the partners, pay the liabilities and distribute the cash to the partners. Date Account Title and Explanation Debit Credit Rarul and Amy decided to start a partnership called SA Consulting only 1, 2000. SA Consulting assists business owners with their accounting needs. Each partner contributed a number of items to the partnership, which are listed below. All tangible assets are listed at the market value I canh Razul Amy (cash $10,000 50.000 Equipment 1,90,000 fumiture Rankton 0.000 Accounts Payable 30,000 11 on March 1, Karul and Amy added a new partner to the business, Sheila Sheila will contribute $1,00,000 and receive a 39 12 share of the business. Use the capital balances from anuary 1 to determine any bonuses. Assume the existing partners will 13 split any bonus evenly 14 15 16 During the year, Rarul and Amy withdrew $20,000 and $15,000 respectively and the business reported income of 17 54,00,000. Their partnership agreement provided for sharing of net incomeous) on the following basis 18 19 Salary at 500,000 is allocated to Rarut, $50,000 to Amy, and $20,000 to Sheila 202. Interest is allocated at 7 of each partner's opening capital balance 21 . Remaindet is shared where larut gets 40%, Amy et 28and Sheilagets 22 23 24) Prepare the ouma entries to record the contributions of each partner to start the partnership a marka 25 26 Date Act Title and Explanation Credit 27 28 29 30 31 32 33 34 35 36 77 38 319 40 41 Prepare a schedule showing the changes in capital and ending capital balance then she 42 Harul Amy Total 44 45 46 47 48 Prepare the journal entry to record the son of the path March 49 th 50 Date 51 51 54 55 56 57 58 50 50 Tore Angabenstoesprch with 61 an perence for when some pay the time to buy from a consulte ther than compete who have din coming mark ust2 deficiencies you can see with how SA Consulting manages its ccounts receive 5 6 7 8 9 0 1 22 23 e) on April 7, 2000. John's like a client contacted Barut with a question regarding bad debt. John stated that 34 his customer said they were for bankruptcy. Give the journal entry to record the son owed by the US customer given that ohn's Jacks uses the direct method of counting for bad debts. 76 77 Date Account Tale and Explanation Det 78 Credit 79 BO 81 82 83 on November 22.2021, the customer informs John's lacks that they can pay the bad debt because they had 84 a lawsuit against another business Record the sequent collection of the mounted 85 86 Date Account Title and Explanation Ced 87 Zmarks 89 90 91 92 93 54 95 96 Why the above treatment of the bad debt not be considered acceptabirinch ASPE 977 98 99 100 101 102 100 104 105 20 In wing the records for a client, Golden Grain Com.Amy od the followme pital 106 sets Golden Grain Company has adopted a partial year depreciation policy, where deco 107 bis 100 109 110 1. on March 31, 2020, Golden Grun spent $14.000,00 to purchase and trade with 111 will use as a whole. The land has a far value of and the big won the state of 112 the purchase. The building has a value of 2.000,00 and is expected to anno 113 company evenly over its spected of 20 years old and was 114 purchase and because the building ched to the land the Internected the photo 115 building and credit to cash 116 117 2.1.2000, the company purchased test cost of the earth 116 feded to be only on the recorded the purchased 119.500.000 120 121. November 30, the incurred some we damage. The 122 intern capitalised this contby debiting time and creating cho 123 124 Formach at the event where the the marks 125 w what we should have done 126 127 1011 21 on November 20, 2000, the building incurred some waterdamage. The compet.000 to repair the damage. The 22 inmatated this cost by bing building and red for 23 24 For each of the above event.coment on whether the wee's better the contenuchy w ASPE. If the intern marka 25 was worst what she should have done 26 27 20 29 30 31 32 32 134 135 136 138 19 140 1741 On November 15, 2020, enton Completowany 740 746 One L. 20, man Company home offertest 747 e off this note 10.000 plus encombered and pres 14 desting entries and financial statements only once 150 Prepare the journal entry to record the whom the 151 152 Date Acean Titelan 153 154 Debi G 2 marks 155 156 157 150 Prepare the dating entry on November 19 160 Date Antide and talento 161 103 1603 104 Det Dedi mark C 166 Prepare the many read the payment of the test on May 13 157 Date Awe and plant 166 170 111 172 173 174 175 176 177 What would be the total notele Balance May. How 2 Totaltepe 100 cent port 151 10 Pretournal entry the part what 182 114 Date ma 3 marks 182 Prepare the journal entry to record the partner withdrawal of cash at December 1 for SC Contulting, 183 18A Date No Title and Explanation Debit Credit 185 186 187 159 189 190 191 192 193) Prepare a schedule showing the allocation of the net income to the partners of SC Consulting at year and 194 195 Total Rana Amy Sheila 196 Net Income $400,000 197 198 199 200 201 202 200 204 205 15 marki mark Prepare the journal entries to record the distribution of income and the closing of the withdww.accounts. Assume 206 revenues and expenses have been closed to the income summary count. 207 200 Date Account Title and Explanation Credit 209 210 211 212 213 214 215 216 237 218 219 220 221 2222 223 224 225 de diviting the income for the yer aliaeed to liquidate the partners. The waters of me wets and 225 shown below. The future is sold for, and all the other values. Any 227romare everyong aller 223 229 42,00 230 Acourt cable 23 Net Equipment BATO 212 233 AS ble 24 Banka 1 12.000 235 the rules the wet wyspy tbt 27 the cash the partner S. 18 Date 203 40 241 24 10 ) After dividing the income for the year, all parties agreed to liquidate the partnership. The values of the assets and 5 liabilities are shown below. The furniture is sold for $54,000 and all other assets are sold at their given values. Any gains or losses from liquidation are split evenly among all partners. 16 marks 9 Cash $4,82,000 0 Accounts Receivable 50,000 1 Net Equipment 2,47,000 2 Net Furniture 84,000 33 Accounts Payable 36,000 34 Bank Loan 1,12,000 35 36 Prepare the journal entries to sell the assets, distribute any gains or losses to the partners, pay the liabilities and distribute 37 the cash to the partners. 38 239 Date Account Title and Explanation Debit Credit 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263