Chapter 05, Partnership, termination and liquidation

On their relative profit sharing any payments by any

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Unformatted text preview: based on their relative profit sharing %. on their relative profit sharing %. Any payments by Any payments by Any Any Brown will be Brown will be split 4/5 to James split 4/5 to James and 1/5 to Smith. and 1/5 to Smith. and and Page 21 Deficit Capital Balance Example Finn, Scales, and Gill have the following balances just prior to liquidation. Page 22 Deficit Capital Balance Example Finn, Scales, and Gill share profits Finn, Scales, and Gill share profits 35:25:40. On 7/5/09, the inventory is 35:25:40. On 7/5/09, the inventory is sold for $25,000, a $50,000 lloss. sold for $25,000, a $50,000 oss. Prepare the entry. Prepare the entry. Prepare the entry to record the sale of Prepare the entry to record the sale of iinventory. nventory. Page 23 Deficit Capital Balance Example Finn, Scales, and Gill share profits Finn, Scales, and Gill share profits 35:25:40. On 7/5/09, the inventory is 35:25:40. On 7/5/09, the inventory is sold for $25,000, a $50,000 lloss. sold for $25,000, a $50,000 oss....
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