WT RESOURCES 2 of 4 - Fall ACC 112 Project 1C Nicholas Jay, Kamla Paul, and Stephanie Ram plan to liquidate their partnership. They have always shared losses and gains in a 14:5 ratio, and on the day of the liquidation their balance sheet appeared as follows: Protect sults by Study Assets The Jaljairam Company Balance Sheet December 20, 2016 Liabilities and Owners' Equity $60,000 Notes Payable 208,000 Nicholas Jay, Capital 186,000 Kamnia Paul, Capital Stephanie Ram, Capital $454,000 Total abilities & Owners' Equity $95.000 Land Buildings Total Assets $454,000 any deficits. the payment of the ability and Under the following four independent assumptions, prepare the journal entries for the sale of the land and buildings, allocation of any loss of the distributions to the partners, fi 4 - Fall Test 10 1) The "Land" and "Buildings were sold for $414,000. (Credit account titles are automatically Indented when the amount is e ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your ans e.g. 5,275.25.) Date Account Titles and Explanation by Study 2016 Debit Dec. 20 Credit (To record the sale and realization of noncash assets) (To allocate the loss or gain on realization to partners) (To record payment of partnership liability) (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): ect 1 of 4 - Fall 2) The Land and Buildings were sold for $314,000. (Credit account titles are automatically indented when the amount is entered. De not indenta Do not use dollars (S) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with comma Round answers to 2 decimal places g. 5,275.25.) Grace Periode 12 days latest CALCULATOR PRINTER VERSION E Date Account Tities and Explanation 2016 Dec. 20 Credit (To record the sale and relation of noncash assets) (To allocate the loss or gain on relation to partners) (To record payment of partnership liability) (To record distribution of cash to partners fore moving the next leased the screen ba ten the Grace Period: 1: 3) The "Land" and "Buildings were sold for $189,000, and any partners with a resulting deficits can and do pay the amount of their deficits. (Credit account titles are auto when the amount is entered. Do not Indent manually. Do not use dollar signs (5) when entering amounts. To see comma-formatted numbers reflected in you must enter your answers with commas. Round answers to 2 decimal places, e.g. 5,275.25.) CALCULATOR PRINTER VE Date Account Titles and Explanation 2016 Debit Credit Dec. 20 (To record the sale and realization of noncash assets) (To allocate the loss or gain on realization to partners) (To record payment of the capital deficiency by Stephanie) (To record payment of partnership liability)
