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CP 12–5 The following balance sheet is for the partnership of Able, Brown, and Crown at November 1, 2019. Assets Liabilities Cash Other assets $ 20,000 180,000 Accounts payable $ 50,000 Partners’ Capital $37,000 65,000 Able, capital Brown, capital $200,000 Crown , capital 48,000 150,000 $200,000 CHAPTER TWELVE / Proprietorships and Partnerships First US Edition The profit and loss sharing ratio is Able 40%; Brown: 40%, and Crown: 20%. The partnership is dissolved and liquidated during November by selling the other assets for $100,000 and paying off the creditors. Required: 1. Prepare a schedule of partnership liquidation for the month ending November 30, 2019. Assume any capital deficiency is absorbed by the other partners. 2. Prepare the journal entries to record the dissolution.

CP 12–5 The following balance sheet is for the partnership of Able, Brown, and Crown at November 1, 2019. Assets Liabilities Cash Other assets $ 20,000 180,000 Accounts payable $ 50,000 Partners’ Capital $37,000 65,000 Able, capital Brown, capital $200,000 Crown , capital 48,000 150,000 $200,000 CHAPTER TWELVE / Proprietorships and Partnerships First US Edition The profit and loss sharing ratio is Able 40%; Brown: 40%, and Crown: 20%. The partnership is dissolved and liquidated during November by selling the other assets for $100,000 and paying off the creditors. Required: 1. Prepare a schedule of partnership liquidation for the month ending November 30, 2019. Assume any capital deficiency is absorbed by the other partners. 2. Prepare the journal entries to record the dissolution.

Accounting (Text Only)
Accounting (Text Only)
26th Edition
ISBN:9781285743615
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter12: Accounting For Partnerships And Limited Liability Companies
Section: Chapter Questions
Problem 12.3APR
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CP 12–5 The following balance sheet is for the partnership of Able, Brown, and Crown at November 1, 2019. Assets Liabilities Cash Other assets $ 20,000 180,000 Accounts payable $ 50,000 Partners’ Capital $37,000 65,000 Able, capital Brown, capital $200,000 Crown , capital 48,000 150,000 $200,000 CHAPTER TWELVE / Proprietorships and Partnerships First US Edition The profit and loss sharing ratio is Able 40%; Brown: 40%, and Crown: 20%. The partnership is dissolved and liquidated during November by selling the other assets for $100,000 and paying off the creditors. Required: 1. Prepare a schedule of partnership liquidation for the month ending November 30, 2019. Assume any capital deficiency is absorbed by the other partners. 2. Prepare the journal entries to record the dissolution.
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