Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Auditing Cases An Interactive Learning Approach

Authors: Steven M Glover, Douglas F Prawitt

4th Edition

0132423502, 978-0132423502

Students also viewed these Accounting questions