Question
The Statement of Financial Position for Jimenez and Gimena Partnership on October 1, 2020 before liquidation is as follows: Cash 12,500 Liabilities 50,000 Other assets
The Statement of Financial Position for Jimenez and Gimena Partnership on October 1, 2020 before liquidation is as follows:
Cash 12,500 Liabilities 50,000
Other assets 137,000 Jimenez, Capital 56,250
Gimena, Capital 43,750
Total assets 150,000 Total liabilities & Capital 150,000
In October, assets with a book value of 55,000 are sold for 45,000, creditors are paid in full, and 5,000 is paid to partners. In November, assets with a book value of 25,000 are sold for 30,000, liquidation expenses of 1,250 are paid and cash of 31,250 is paid to partners. In December, the remaining assets are sold for 56,250.
1. In October, Gimena should receive
2. In November, Jimenez should receive
3. In December, Gimena should receive
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