o Required information QS 12.9 Liquidation of partnership LO P5 [The following information applies to the questions displayed below) The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field $131700, Brown, $166,300; and Snow, $153,500. The partners decide to liquidate sharing all losses equally. On May 31, after all assets were sold and all creditors were paid, only $45,000 in partnership cash remained. QS 12-9 Part 1 1. Compute the capital account balance of each partner after the liquidation of assets and payment of creditors. (Losses and negative capital balances, if any, should be entered with a minus sign.) Field Brown Snow Total $ 0 Initial investments Allocation of gains (losses) Capital balances 5 0 Required information QS 12.9 Liquidation of partnership LO P5 [The following information applies to the questions displayed below) The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field, 5131700, Brown, $166,300; and Snow. $153,500. The partners decide to liquidate, sharing all losses equally. On May 31, after all assets were sold and all creditors were paid only $45.000 in partnership cash remained QS 12-9 Part 2 2. Assume that the partner with a deficit pays cash to cover the deficit Prepare the journal entries on May 31 to record (a) the cash payment to cover the deficit and (b) the final disbursement of cash to the partners View transaction list ences Journal entry worksheet 1 2 Record the payment of cash to cover the deficit. Note: Enter debts before credits General Journal Debi Credit Transaction ( Required information QS 12-9 Liquidation of partnership LO P5 [The following information applies to the questions displayed below] The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field $131700; Brown, $166,300; and Snow $153,500. The partners decide to liquidate, sharing all losses equally. On May 31, after all assets were sold and all creditors were paid, only $45.000 in partnership cash remained QS 12.9 Part 2 2. Assume that the partner with a deficit pays cash to cover the deficit. Prepare the journal entries on May 31 to record(a) the cash payment to cover the deficit and (b) the final disbursement of cash to the partners. View transaction list ences Journal entry worksheet > onces Record the transfer of the deficit to the other partner(s). Hotel Enter debts before credits Transaction Debit General Journal View QS 12.9 Liquidation of partnership LO P5 [The following information applies to the questions displayed below) The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field $131700, Brown, $166.300; and Snow, $153,500. The partners decide to liquidate sharing all losses equally On May 31, after all assets were sold and all creditors were paid, only $45.000 in partnership cash remained QS 12.9 Part 3 3. Assume that the partner with a deficit does not reimburse the partnership. Prepare journal entries (a) to transfer the deficit to the other partners and (b) to record the final disbursement of cash to the partners View transaction list Journal entry worksheet > 1 2 Record the disbursement of the remaining cash to the partner(s). Note Enter debits before credite General Journal Debit Transaction b)
