I know this looks like a lot, but half of these pictures are just showing the format I would like you to fill it out like on excel. Please help, Happy Holidays!! :)
!!! ALSO, MY GEN. JOURNAL IS DEFINETLY WRONG SO DO NOT PAY ATTENTION TO THAT LOL !!!!!
A B DE F G H L M. 1 2 Partnership A, B, and C is a law firm. You have been engaged as accountant to prepare financial statements for the year ended December 31, 2019. 3 The partnership's trial balance is shown on the "2019 Tr. Bal." page (see tab below). 'Salary expenses' listed on the trial balance are each partners' withdrawals for the year. 6 7 8 Partnership profits are allocated based first on salaries, then on interest on opening capital balances, then on a fixed ratio. 9 10 11 12 13 14 15 Salary allocation amounts are: A $100,000 B $100,000 $160,000 16 17 18 Opening capital balances are: $70,000 $60,000 $70,000 Interest rate is: 5% 19 20 21 22 23 |||| -- The fixed ratio is: A B Required 1 Prepare year-end adjusting entries. No descriptions are necessary. 2 Allocate partnership profit or loss to each partner. Prepare the necessary adjusting entry. 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 3 Post the adjusting entries and complete the trial balance. 4 Prepare an income statement and statement of partners' capital for the year ended December 31, 2019 and a balance sheet at December 31. Requ. 1 to 4 Requ. 5 Requ. 6 to 7 Gen. Jnl. Alloc. Trial Bal. Fcl. Stmts. Part. Liqu. Copyright # Ready B ID E F G H 1 2 Part B (2020) 3 4 5 6 7 a. On December 31, 2020 new partner D invests other assets into the partnership for a one- quarter ownership interest. An equal amount of capital is contributed by A, B, and C to make up the difference. At December 31, 2020, the partners' capital balances are as follows: $200,000 B 180,000 190,000 $ 570,000 A 8 9 10 11 12 13 Fair value of other assets from D $50,000 14 15 16 17 18 b. Immediately after this, partner C withdraws from the pa She is paid in cash the balance in her capital account plus a bonus, contributed equally from the capital balances of A, B, and D. Bonus paid to C $ 18,000 19 20 21 Required 5 Prepare necessary adjusting entries at December 31, 2020 to record the admission of partner D and the withdrawal of partner C. Show all calculations. 22 23 24 25 26 27 28 29 30 31 32 Requ. 1 to 4 Requ. 5 Requ. 6 to 7 Gen. Jnl. Alloc. Trial Bal. Fcl. Stmts. Part. Liqu. Copyright (+ Ready A B c D E F. G 1 2 3 Part C (2021 and 2022) 4 5 6 7 8 9 The trial balance of A, B, and D at December 31, 2021 after all adjustments have been made is as follows: Adjusted Balances Account Title Debit Credit Cash 83,000 Other Assets 80,000 Accounts Payable 140,000 A, Capital 7,000 B, Capital 7,000 C, Capital 9,000 163,000 163,000 10 11 12 13 14 15 16 17 On January 1, 2022 the partnership is liquidated. Other assets are sold for: $ 144,000 18 19 20 Gains and losses are liquidated in a ratio of: A 2 21 B 3 22 D 5 23 24 25 26 27 Required 6 Print out the "Part. Liqu." page (see tab below). Complete the schedule. Assume any partner deficiency (debit balance) is repaid with cash by the applicable partner. 28 29 7 Prepare the journal entries to record the liquidation. 30 31 32 22 Requ. 1 to 4 Requ. 5 Requ. 6 to 7 Gen. Jnl. Alloc. Trial Bal. Fcl. Stmts. Part. Liqu. Copyright + Ready A B D E F G 1 A, B, and C GENERAL JOURNAL 2 3 4 Note No. S. No 1 5 6 Particulars Salaries A/c Dr To A capital A/c Cr To B capital A/c Cr To C Capital A/c Cr Debit/Credit) 360,000 -100,000 -100,000 -160,000 7 8 9 10 2 11 Interest on Op Cap A/c Dr To A capital A/c Cr To B capital A/c Cr To C Capital A/c Cr 10,000 -3,500 -3,000 -3,500 12 13 14 15 3 16 A Capital A/c Dr B Capital A/c Dr C Capital A/c Dr To Loss of Share 44,000 66,000 110,000 -220,000 17 18 19 4 20 21 22 23 24 A Drawings A/c Dr B Drawings A/c Dr C Drawings A/c Dr To Salary-A To Salary-B To Salary-C 110,000 100,000 160,000 -110,000 -100,000 -160,000 25 26 27 28 29 30 31 32 33 34 35 36 37 38 Requ. 1 to 4 Requ. 5 Requ. 6 to 7 Gen. Jnl. Alloc. Trial Bal. Fcl. Stmts. Part. Liqu. Ready B D E F G . I J L M N 2 A B 3 Total $200,000 0 200,000 Amount of profit Salary allocation Balance Interest allocation: 4 5 6 7 Opening cap. 8 9 A 3,500 Rate 5% 5% 5% $70,000 $60,000 $70,000 10 11 3,000 3,500 (10,000) 190,000 B Balance Fixed ratio allocation A B Balance Allocated to partners 12 13 14 15 16 17 18 $0 20% 30% 50% $0 $0 0 $190,000 ***this ne $3,500 $3,000 $3,500 19 20 21 22 input values Hit F9 to update formulas (or set your formulas to automatically update) 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 Requ. 1 to 4 Requ. 5 Requ. 6 to 7 Gen. Inl. Alloc. Trial Bal. Fcl. Stmts. Part. Liqu. Copyright Ready A G HL J 1 DE F. A, B, and C Trial Balance At December 31, 2019 2 3 4 Adjusting Entries Debit Credit # # Unadjusted Balances Debit Credit 90,000 300,000 50,000 160,000 Adjusted Balances Debit Credit 90,000 300,000 50,000 160,000 0 180,000 0 200,000 0 180,000 5 6 Account Title 7 Cash 8 Accounts Receivable 9 Accounts Payable 10 A, Capital 11 A, Withdrawals 12 B, Capital 13 B, Withdrawals 14 C, Capital 15 C, Withdrawals 16 Income Summary 17 Fees Revenue 18 Office Expense 19 Salaries Expense - A 20 Salaries Expense - B 21 Salaries Expense - C 22 23 24 25 200,000 0 500,000 500,000 300,000 110,000 140,000 150,000 1,090,000 300,000 110,000 140,000 150,000 1,090,000 1,090,000 0 0 1,090,000 input values Hit F9 to update formulas (or set your formulas to automatically update) 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Requ. 1 to 4 Requ. 5 Requ. 6 to 7 Gen. Jnl. Alloc. Trial Bal. Fcl. Stmts. Part. Liqu. Copyright Ready A B D E F. G H K 2 A, B, and c Income Statement For the Year Ended December 31, 2019 8 9 A, B, and c Statement of Partners' Capital For the Year Ended December 31, 2019 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 B Total Bal. at Jan 1, 2019 Bal. at Dec. 31, 2019 A, B, and C Balance Sheet At December 31, 2019 Assets Liabilities Partners' Equity 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Requ. 1 to 4 Requ. 5 Requ. 6 to 7 Gen. Jnl. Alloc. Trial Bal. Fcl. Stmts. Part. Liqu. Copyright Ready A B C D E F G G . 0 P Q R S K M N Statement of Partnership Liquidation For the Day Ending January 1, 2022 4 5 6 7 Accounts payable Cash Other assets Partners' capital B 8 A D Opening balance 9 10 11 Allocation of gain (loss) Amount Ratio 12 13 14 15 16 B D 17 18 19 20 21 22 23 24 25 26 27 28 29 Requ. 1 to 4 Requ. 5 Requ. 6 to 7 Gen. Jnl. Alloc. Trial Bal. Fcl. Stmts. Part. Liqu. Copyright . Ready
