Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Partnership of Deb, Ren and Ken is liquidating and their ownership percentage is 50%, 30% and 20% respectively. Goodwill having the book value of $50,000

"Partnership of Deb, Ren and Ken is liquidating and their ownership percentage is 50%, 30% and 20% respectively. Goodwill having the book value of $50,000 is written off. Journal entry will "
A "Debit Deb account $25,000, Debit Ren $15,000, Debit Ken 10,000, Credit goodwill $50,000"
B "Debit goodwill $50,000, Credit Deb account $25,000, Credit Ren $15,000, Credit Ken 10,000"
C "Debit goodwill $50,000, Credit Deb account $25,000, Credit Ren $10,000, Credit Ken 15,000"
D "Debit Deb account $25,000, Debit Ren $10,000, Debit Ken 15,000, Credit goodwill $50,000"

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit And Assurance Q And A 2016

Authors: ACA Simplified

1st Edition

1523200464, 978-1523200467

More Books

Students also viewed these Accounting questions