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After the partnership has been operating for a year, the Capital accounts of Bob and Kim

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Withdrawal of a New Partner

SE 9. After the partnership has been operating for several years, the Capital
accounts of Bob, Kim, and Sonia are $25,000, $16,000, and $9,000, respectively.
Sonia decides to leave the partnership and is allowed to withdraw $9,000
in cash. Prepare the entry in journal form to record the withdrawal on the partnership
books.

Liquidation of a Partnership

SE 10. After the partnership has been operating for a year, the Capital accounts of Bob and Kim are $15,000 and $10,000, respectively. The firm has cash of
$12,000 and office equipment of $13,000. The partners decide to liquidate the
partnership. The office equipment is sold for only $4,000. Assuming the partners
share income and losses in the ratio of one-third to Bob and two-thirds to Kim,
how much cash will be distributed to each partner in liquidation?

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