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Ch10 – P a) Names Rules Amounts Adams 10,000 * 2/10 $2, Baker 10,000 * 3/10 $3, Carvil 10,000 * 3/10 $3, Dobbs 10,000 * 2/10 $2, Total $10, b) Names Rules Amounts Adams 10,000 * 2/10 $2, Baker 10,000 * 2/10 $2, Carvil 10,000 * 3/10 $3, Dobbs 10,000 * 3/10 $3, Total $10, c) Names Rules Amounts Adams 80,000 * 1/10 $8, Baker 80,000 * 3/10 $24, Carvil 80,000 * 3/10 $24, Dobbs 80,000 * 3/10 $24, Total $80, d) Capital $60, Partner $ Total $150, Cash -$10, Remaining amount For Land and Building $140,
Tittle Amount
- Ch10 – P
- Cash Opening Balance $28,
- (+) Collected $51,
- Inventory $48,
- Total $127,
- (-) Liqudation Expenses -$4,
- (-)Retained -$20,
- Available to Partners $103,
- Van (103,000 * 5/10) $51,
- Bakel (103,000 * 3/10) $30,
- Cox (103,000 * 2/10) $20,
- Cash Opening Balance $20, February
- (-) Liqudation Expenses -$5,
- (-) Retained -$8,
- Total $7,
- Available to Partners $7,
- Van (7,000 * 5/10) $3,
- Bakel (7000 * 3/10) $2,
- Cox (7,000 * 2/10) $1,
- Cash Opening Balance $8, March
- (+) Sale $156,
- (-) Liqudation Expenses -$7,
- Available to Partners $157,
- Van (157,000 * 5/10) $78,
- Bakel (157,000 * 3/10) $47,
- Cox (157,000 * 2/10) $31,
Ch10 – P
Account Debit Credit Cash $65, Loss Collection $16, A/R $82, Partner Losses: Wingler $4, Norris $1, Rodgers $3, Guthier $6, Loss Collection $16,
Account Debit Credit Cash $150, Loss on Sale $103, Building $168, Land $85, Partner Losses: Wingler $30, Norris $10, Rodgers $20, Guthier $41, Loss Collection $103,
Total Cash Balance Cash $15, Sale 1 $65, Sale 2 $150, Total $230, $230,600.00 -$90,000.00 = $140,600. Account Debit Credit Wingler $31, Norris $58, Rodgers Loan $35, Rodgers $15, Cash $140,
Despite Guthrie's bankruptcy, there is no evidence about this issue in the journal entry. However, the amount will pay after the liquidation.
Account Debit Credit A/P $74, Cash $74,
Account Debit Credit Cash $71, Loss on Sold $30, Inventory $101, Partner Losses: Wingler $9, Norris $3, Rodgers $6, Guthier $12, Loss Collection $30,
Total Cash Balance Sale $71, Total $71, Account Debit Credit Wingler $35, Norris $11, Rodgers $23, Cash $71,
Title Debit Credit Wingler $3, Norris $1, Rodgers $2, Guthier $4, Cash $11,
Account Wingler Norris Rodgers Guthier Beginning Balance $120,000 $88,000 $109,000 $60, Loss A/R -$4,920 -$1,640 -$3,280 -$6, Land & Building -$30,900 -$10,300 -$20,600 -$41, Cash Divides -$31,800 -$58,600 -$50,200 $- Loss inventory -$9,000 -$3,000 -$6,000 -$12, Cash Divides -$35,500 -$11,833 -$23,667 $- Liquided Expenses -$3,300 -$1,100 -$2,200 -$4, Total $4,580 $1,527 $3,053 -$4, Guthier -$2,080 -$693 -$1,387 $- Despite Guthrie's bankruptcy, there is no evidence about this issue in the journal entry. However, the amount will pay after the liquidation.
Ch10 – P
Account Debit Credit Cash $54, Loss Collection $6, A/R $60, Partner Losses: Butler $1, Osman $1, Ward $3, Loss Collection $6,
Account Debit Credit Cash $220, Loss Collection $40, Land $100, Equipment $50, Buillding $110, Partner Losses: Butler $10, Osman $10, Ward $20, Loss Collection $40,
Total Cash Balance Cash $30, Sale 1 $54, Sale 2 $220, Total $304, $304,000.00 - $234,000.00 =$70,000. Account Debit Credit Butler $17, Osman $17, Ward $35, Cash $70,
Account Debit Credit A/P $170, Loan Butler $30, Cash $200,
Account Debit Credit Butler $7, Osman $7, Ward $15, Cash $30,
Account Butler Osman Ward Beginning Balance $50,000 $30,000 $70, Loss A/R -$1,500 -$1,500 -$3, Loss Building and Land -$10,000 -$10,000 -$20, Cash Dividined -$17,500 -$17,500 -$35, Liqudation Expenses -$7,500 -$7,500 -$15, Total $13,500 -$6,500 -$3, -$13,500 $6,500 $3, $- $- $- Account Debit Credit Butler $13, Osman $6, Ward $3, Cash $4,
