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Question: pr 125a statement of liquidations...

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Pr 12-5a statement of liquidations

OBJ.4 PR 12-5A Statement of partnership liquidation 1d Gerloff $8,500 After the accounts are closed on February 3, prior to liquidating the partnershi capital accounts of William Gerloff, Joshua Chu, and Courtney Jewett are $19,300, $4,500 and $22.300, respectively. Cash and noncash assets total $5,200 and $55,900, respectively Amounts owed to creditors total $15,000. The partners share income and losses in the ratio of 2:1:1. Between February 3 and February 28, the noncash assets are sold for $34,300, the partner with the capital deficiency pays the deficiency to the partnership, and the liabilities are paid Excel
Chapter 12 Accounting for Partnerships and Limited Liability Companies Instructions 1. Prepar e a statement of partnership liquidation, indicating (a) the sale of assets and on of loss, (b) the payment of liabilities, (c) the receipt of the deficiency (from divisi me that the partner with the capital deficiency declares bankruptcy and is unable o pay the deficiency. Journalize the entries to (a) allocate the partners deficiency and he appropriate partner), and (d) the distribution of cash. 2. Assu (b) distribute the remaining cash.
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