Question
Lump-Sum Liquidation A. Gold, Titanium, and Silver decided to liquidate their partnership on June 30, 2020. The partners shared profits and losses in the ratio
Lump-Sum Liquidation A. Gold, Titanium, and Silver decided to liquidate their partnership on June 30, 2020. The partners
shared profits and losses in the ratio of 2:2:1, respectively, The firm's post- closing trial balance follows:
Gold, Titanium, and Silver
Post-Closing Trial Balance
June 30, 2020
Cash P 419,170
Merchandise Inventory 612,300
Other Assets 472,680
Accounts Payable P 131,350
Gold, Capital 561,600
Titanium, Capital 436,800
Silver, Capital 374,400
The merchandise inventory and the other assets were sold for P582,800 and P550,900, respectively.
How to prepare the liquidation journal entries? what are the steps?
How to prepare the statement of liquidation? what are the steps?
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Using Microsoft Excel And Access 2013 For Accounting
Authors: Glenn Owen
4th Edition
1305161858, 9781305161856
