{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-28T04:12:24-04:00", "answer_date": "2024-05-28 04:12:24", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1818364", "url": "\/study-help\/questions\/before-the-liquidation-entries-were-made-the-trial-balance-of-1818364", "question_creation_date_js": "2024-05-28T04:12:24-04:00", "question_creation_date": "May 28, 2024 04:12 AM", "meta_title": "[Solved] Before the liquidation entries were made, | SolutionInn", "meta_description": "Answer of - Before the liquidation entries were made, the trial balance of the partnership was prepared as follows: Afri Mining EX | SolutionInn", "meta_keywords": "liquidation,entries,made,trial,balance,partnership,prepared,afri,mining,extract,1,june", "question_title_h1": " Before the liquidation entries were made, the trial balance of the partnership was prepared as follows: Afri Mining EXTRACT FROM TRIAL BALANCE AS AT", "question_title": " Before the liquidation entries were made, the trial balance of the", "question_title_for_js_snippet": "Before the liquidation entries were made, the trial balance of the partnership was prepared as follows Afri Mining EXTRACT FROM TRIAL BALANCE AS AT 1 JUNE 2022 Capital Zola Capital Sello Current account Zola Current account Sello Long term loan Trade payables control Land and buildings at cost Mining equipment at cost Accumulated depreciation mining equipment Bank R R808 500 R269 600 R51 400 R25 800 R246 100 R64 800 R1 165 500 R259 100 R129 600 R85 100 On 1 June 2022 the following transactions took place with regard to the liquidation 1 The land and buildings were sold for cash 2 Mining equipment with a carrying amount of R60 000 was taken over (not paid for immediately) by Sello at an agreed cash amount of 3 The remaining mining equipment were sold for cash amount of R1 130 200 R70 700 R107 300 4 On full settlement of the creditors accounts, a settlement discount was received as an amount of R7 700 5 The long term loan were paid in full 6 The liquidation costs which were paid amounted to R38 400 Which one of the following alternatives represents the correct amount that must be allocated to Zola on as liquidation profit loss 3", "question_description": "\"image\"image\"image\"image", "transcribed_text": "Before the liquidation entries were made, the trial balance of the partnership was prepared as follows: Afri Mining EXTRACT FROM TRIAL BALANCE AS AT 1 JUNE 2022 Capital - Zola Capital - Sello Current account - Zola Current account - Sello Long-term loan Trade payables control Land and buildings at cost Mining equipment at cost Accumulated depreciation: mining equipment Bank R -R808 500 -R269 600 R51 400 -R25 800 -R246 100 -R64 800 R1 165 500 R259 100 -R129 600 R85 100 On 1 June 2022 the following transactions took place with regard to the liquidation: 1. The land and buildings were sold for cash 2. Mining equipment with a carrying amount of R60 000 was taken over (not paid for immediately) by Sello at an agreed cash amount of 3. The remaining mining equipment were sold for cash amount of R1 130 200 R70 700 R107 300 4. On full settlement of the creditors accounts, a settlement discount was received as an amount of R7 700 5. The long-term loan were paid in full 6. The liquidation costs which were paid amounted to R38 400 Which one of the following alternatives represents the correct amount that must be allocated to Zola on as liquidation profit\/loss 3", "related_book": { "title": "Accounting Principles", "isbn": "978-0470317549, 9780470387085, 047031754X, 470387084, 978-0470533475", "edition": "9th Edition", "authors": "Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/47.jpg", "uri": "\/textbooks\/accounting-principles-9th-edition-47", "see_more_uri": "" }, "free_related_book": { "isbn": "979-8985857504", "uri": "\/textbooks\/make-friends-with-credit-understand-and-build-a-lasting-relationship-with-good-credit-1st-edition-979-8985857504-190396", "name": "Make Friends With Credit Understand And Build A Lasting Relationship With Good Credit", "edition": "1st Edition" }, "question_posted": "2024-05-28 04:12:24", "see_more_questions_link": "\/study-help\/questions\/business-general-management-2023-February-20", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/college-algebra\/for-each-polynomial-function-find-a-1-b-2-and-c-0-fx", "description": "For each polynomial function, find (a) (-1), (b) (2), and (c) (0). f(x) = x + 2x - 8", "stars": 3 }, { "url": "\/four-goals-should-be-considered-when-trying-to-design-an", "description": "Four goals should be considered when trying to design an effective spreadsheet model: communication, reliability, auditability, and maintainability. 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