View Policies Current Attempt in Progress -/25 in Nicholas Jay, Kamla Paul, and Stephanie Ramplanto liquidate their partnership. They have always shared losses and gains in a 1:4:5 ratio, and on the day of the liquidation their balance sheet appeared as follows: The Jaijairam Company Balance Sheet December 20, 2016 Liabilities and Owners' Equity Assets Cash S 80.000 Notes Payable Land $ 91.000 204.000 Nicholas Jay, Capital Buildings 24,000 164000 Kamla Paul, Capital 203.000 Stephanie Ram Capital 80,000 Total Assets $448.000 Total Liabilities & Owners Equity $448.000 - Under the following four independent assumptions, prepare the journal entries for the sale of the land and buildings, allocation of any loss or gain, any deficit (s), the payment of the liability, and the distributions to the partners, if: 1) The Land" and "Buildings were sold for $ 398,000. (Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. Do not use dollar signs ($) when entering amounts. To see commo-formatted numbers reflected in your final answers, you must enter your answers with commas. Round answers to 2 decimal places, eg. 5,275.25.) Date Account Tities and Explanation Debit Credit 2016 Dec. 20 'Cash 3.980.000 Land 204000 Buildings 164000 -12 (To record the sale and realization of noncash assets) 20 Gain on Realization 30,000 Nicholas Jay, Capital 3000 Kamla Paul, Capital 12.000 Stephanie Ram, Capital 15.000 (To allocate the loss or gain on realization to partners) 20 Notes Payable 591000 Cash 591.000 To record payment of partnership liability) 20 Nicholas Jay Capital 77.000 Kamla Paul, Capital 2,15,000 Stephanie Ram, Capital 595,000 Loss on Realization 3.87.000 (To record distribution of cash to partners) Before moving onto the next section, please do the following (for screen help, click on the hyperlinks below): 1. Scroll to the end of the page and click on the "Save for Later" button to save your work 2. When you are ready to begin the next section, you can reference the work that you have completed by clicking on the "Printer Version" button at the top of the page. Doing this will open your saved answers in a new window to help you complete the next section. Complete these steps each time you have finished a section. Do not click on the "Submit Answers" button until you have completed all of the sections 2) The "Land" and "Buildings were sold for $ 283,000. (Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas. Round answers to 2 decimal places, eg. 5,275.25.) Date Account Titles and Explanation Debit Credit 2016 Dec. 20 Cash 283000 Nicholas Jay, Capital 8500 Kamla Paul, Capital 34000 Stephanie Ram, Capital 42500 (To record the sale and realization of noncash assets) 20 Land -12 Buildings Gain on Realization Nicholas Bay, Capital (To allocate the loss or gain on realization to partners) 20 Kamla Paul, Capital Stephanie Ram, Capital (To record payment of partnership liability) 20 Land Buildings -/25 Nicholas Jay, Capital (To record distribution of cash to partners) Before moving onto the next section, please do the following for screen help, click on the hyperlinks below: 1. Scroll to the end of the page and click on the "Save for Later" button to save your work 2. When you are ready to begin the next section, you can reference the work that you have completed by clicking on the Printer Version button at the top of the page. Doing this will open your saved answers in a new window to help you complete the next section Complete these steps each time you have finished a section. Do not click on the "Submit Answers" button until you have completed all of the sections eTextbool and Media 3) The "Land" and "Buildings were sold for $ 143,000, and any partners with a resulting deficits can and do pay the amount of their deficits. (Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. Do not use dollar signs (S) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas. Round answers to 2 decimal places, eg. 5,275.25.) Date Account Titles and Explanation Debit 2016 Credit Dec. 20 Kamla Paul, Capital Stephanie Ram, Capital Land Buildings To record the sale and realization of noneach accatel (To record the sale and realization of noncash assets) -725 20 (To allocate the loss or gain on realization to partners) 20 (To record payment of the capital deficiency by Stephanie) 20 4) The Land" and "Buildings were sold for $ 128,000, and the partners with deficits have no assets other than those invested in the business. (Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. Do not use dollor signs (5) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas. Round answers to 2 decimal places, eg. 5,275.25.) Date Account Titles and Explanation 2016 Debit Credit Dec. 20 (To record the sale and realization of noncash assets)
