Академический Документы
Профессиональный Документы
Культура Документы
fixtures Accounts payable Jones capital (20%) Smith capital (30%) Tandy capital (50%) 50,000 15,000 20,000 65,000 50,000 100,000
Credit
P17-6 January Liquidation Events Cash Jones capital Smith capital Tandy capital Inventories To record sale of inventories. Cash Accounts receivable To record collection of receivables. Accounts payable Cash To record payment of nonpartner liabilities. February Liquidation Events Cash Land Jones capital Smith capital Tandy capital To record sale of land. Cash Jones capital Smith capital Tandy capital Accumulated depreciation-buildings Land Buildings To record sale of land and buildings. Cash Jones capital Smith capital Tandy capital Accounts receivable To record collection and write-off of receivables. March Liquidation Events Jones capital Smith capital Tandy capital Accumulated depreciation-furniture & fixtures Furniture & fixtures To record write-off of furnitures and fixtures.
14,000 14,000
40,000 40,000
Accounts payable Cash To record payment of nonpartner liabilities. Jones capital Smith capital Tandy capital Cash To record distribution of cash to partners.
40,000 40,000
Interim Statement of Partnership Liquidation Jones, Smith, and Tandy Statement of Partnership Liquidation for the Period January 1, 2011 to February 1, 2011 Cash 15,000 20,000 14,000 49,000 (40,000) 9,000 60,000 40,000 3,000 112,000 112,000 (40,000) (72,000) Noncash assets 215,000 (65,000) (14,000) 136,000 Priority liabilities 80,000 Jones capital (20%) 40,000 (9,000) 31,000
Balances, Jan 1 Sale of inventory Collection of receivables Predistribution balances Jan 31 January distribution Creditors Balances, Feb 1 Sale of land Sale of land and buildings Collection & write-off of receivables Balances, Mar 1 Write-off of furnitures & fixtures Predistribution balances Mar 31 March distributions Creditors Partners Balances, Mar 31
(24,400) -
February 1, 2011 Smith capital (30%) 60,000 (13,500) 46,500 Tandy capital (50%) 50,000 (22,500) 27,500
(36,600) -
(11,000) -