Microsoft Word - ll ._) COR FINAL ASSIGNMENT 12,8,2020 A10 PDF element 4 CeDdEe DdEe 'cDdEe DdEe CcDdEe CcDdEe 2 11 2 ulgi 1 1. Q1: (20) The December 31, 2019, balance sheet of A, B and C partnership was summarized as follows: Cash $20000 AP $50000 Accounts receivable 40000 A, capital (30%) 60000 Inventory 130000 B, capital (30%) 80000 Furniture 100000 C. capital (40%) 100000 totals 290000 290000 On Jan 1, 2020, the partners decide to liquidate the business. Activities during January are as follows: Accounts receivable of $29000 are collected in full 2. The remaining receivables are written off. 3. An inventory with a book value 88000 was sold for $78000 4. Remaining inventory is taken by B with an agreed upon fair value $32000 in a partial settlement with his capital. 5. The creditors of AP agree to receive cash $18000 as a final settlement for their full claims. 6. Cash received from a customer $30000 for a sales invoice in 2018 which was not recorded and collected 7. All furniture was sold for 165000 8. Liquidation expenses incurred and paid 2000 9. All remaining cash is distributed to partners. Required: Prepare a statement of partnership liquidation during January? (use the table inserted below in next page to answer (1) Active Trach AR intentarsfumitura AP Acanital canital canital ( ) Required: Prepare a statement of partnership liquidation during January? (use the table inserted below in next page to answer Q1 ) Cash Balances 1/1 20000 1. AR 40000 inventory furniture AP 130000 100000 50000 A capital B.capital capital 60000 80000 100000 New balances 2 NB 3 NB 4. Act COR FINAL ASSIGNMET 12,8,2020 A10 [ ) - Microsoft Word PDFdement CcDdEe :DdEe cDdEe :DdEe CcDdEe CcDdEe - I 14 = = 111 - Times New Ro 2 1 NB | NB 6. NB 7. NB 8. NB NB Activate