Partnership Liquidation.xls - Liquidation of a Partnership...

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Liquidation of a Partnership Exercise 12-11, p. 650 2015 GENERAL JOURN PAGE Cash O. Low, Capital DATE PARTICULARS PR DEBIT CREDIT 18000 15000 11000 45000 Step 1 Cash 82000 82000 34000 34000 Loss on Realization 33000 1000 0 Non-cash assets 115000 86000 86000 0 Step 2 O. Low, Capital $ 11,000.00 Non Cash Assets A. Olson, Capital A. Olsen, Capital $ 11,000.00 115000 115000 11000 63000 S. Lokum, Capital $ 11,000.00 0 52000 52000 Loss on Realization $ 33,000.00 0 Step 3 Liabilities $ 15,000.00 Cash $ 15,000.00 Liabilities S. Lokum, Capital Step 4 Cash $ 1,000.00 b) 15000 15000 11000 10000 L. Sokum, Capital $ 1,000.00 0 1000 1000 0 Step 5 O. Low, Capital $ 34,000.00 A. Olson, Capital $ 52,000.00 Cash $ 86,000.00 Loss on Realization 33000 33000 Step 4 c) 0 Step 5
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Problem 12-10A, p. 653/4 2015 GENERAL JOURNAL PAGE DATE PARTICULARS PR DEBIT CREDIT 2-Jun Cash $ 50,000.00 a) Allowance for doubtful Accounts $ 1,000.00 $ 56,500.00 Accumulated amortization $ 5,500.00 $ 80,500.00 Loss on Realization $ 24,000.00 Accounts Recievable $ 25,000.00
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