Problem Solving :a. Gulane, Tormis and Sailadin decided to Liquidate their partnership in June 30, 2018.The partners shared profits and losses in the ratio 2:2:1 respectively. The firms postclosing trial balance follows:Gulane, Tormis and SailadinPost Closing Trial BalanceJune 30, 2018Account NameDebitCreditP 419,170CashMerchandise InventoryOther AssetsAccounts PayableGulane CapitalTormis CapitalSailadin, Capital612,300472,680P 131,350561,600436.800374,4001.504,1501.504.150The merchandise inventory and the other assets were sold for P 582,800 and P550,900 respectively.Required : Prepare the Liquidation journal entries.

Problem Solving : a. Gulane, Tormis and Sailadin decided to Liquidate their partnership in June 30, 2018. The partners shared profits and losses in the ratio 2:2:1 respectively. The firms post closing trial balance follows: Gulane, Tormis and Sailadin Post Closing Trial Balance June 30, 2018 Account Name Debit Credit P 419,170 612,300 472,680 Cash Merchandise Inventory Other Assets Accounts Payable Gulane Capital Tormis Capital Sailadin, Capital P 131,350 561,600 436,800 374,400 1.504,150 1.504,150 The merchandise inventory and the other assets were sold for P 582,800 and P 550,900 respectively. Required : Prepare the Liquidation journal entries.

Problem Solving : a. Gulane, Tormis and Sailadin decided to Liquidate their partnership in June 30, 2018. The partners shared profits and losses in the ratio 2:2:1 respectively. The firms post closing trial balance follows: Gulane, Tormis and Sailadin Post Closing Trial Balance June 30, 2018 Account Name Debit Credit P 419,170 612,300 472,680 Cash Merchandise Inventory Other Assets Accounts Payable Gulane Capital Tormis Capital Sailadin, Capital P 131,350 561,600 436,800 374,400 1.504,150 1.504,150 The merchandise inventory and the other assets were sold for P 582,800 and P 550,900 respectively. Required : Prepare the Liquidation journal entries.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter19: Accounting For Partnerships

Section: Chapter Questions

Problem 10SPB: STATEMENT OF PARTNER SHIP LIQUIDATION WITH LOSS After several years of operations, the partnership...

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