|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B |
2
A, B, and C |
GENERAL JOURNAL |
|
|
|
|
|
Description |
Debit |
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A |
|
B |
|
C |
|
Total |
|
Amount of profit |
|
|
|
|
|
|
|
|
|
|
|
|
Salary allocation |
|
|
|
|
|
|
|
|
|
|
|
|
Balance |
|
|
|
|
|
|
|
|
|
|
|
|
Interest allocation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Opening cap. |
|
|
|
|
|
|
|
|
|
|
|
Rate |
|
|
|
|
|
|
|
A |
|
|
|
|
|
|
|
|
|
|
B |
|
|
|
|
|
|
|
|
|
|
C |
|
|
|
|
|
|
|
|
|
|
Balance |
|
|
|
|
|
|
|
|
|
|
|
|
Fixed ratio allocation |
|
|
|
|
|
|
|
|
|
|
|
|
A |
|
|
|
|
|
|
|
|
|
|
B |
|
|
|
|
|
|
|
|
|
|
C |
|
|
|
|
|
|
|
|
|
|
|
|
Balance |
|
|
|
|
|
|
|
|
|
|
|
|
Allocated to partners |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A, B, and C |
GENERAL JOURNAL |
|
|
|
|
|
Description |
Debit |
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A, B, and C |
GENERAL JOURNAL |
|
|
|
|
|
Description |
Debit |
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
D |
5
|
|
|
|
|
|
|
|
|
|
|
|
|
Required |
|
|
|
|
|
|
Print out the "Part. Liqu." page (see tab below). Complete the schedule. Assume any partner deficiency (debit balance) is repaid with cash by the applicable partner. |
|
|
|
|
|
|
|
|
Prepare the journal entries to record the liquidation. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salary allocation amounts are: |
|
|
|
|
|
|
A |
|
$100,000 |
|
|
|
|
|
|
B |
|
$100,000 |
|
|
|
|
|
|
C |
|
$160,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opening capital balances are: |
|
|
|
|
|
|
A |
|
$70,000 |
|
|
|
|
|
|
B |
|
$60,000 |
|
|
|
|
|
|
C |
|
$70,000 |
|
|
|
|
|
|
Interest rate is: |
5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The fixed ratio is: |
|
|
|
|
|
|
|
A |
|
2
|
|
|
|
|
|
|
B |
|
3
|
|
|
|
|
|
|
C |
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Required |
|
|
|
|
|
|
|
|
Prepare year-end adjusting entries. No descriptions are necessary. |
|
|
|
|
|
|
|
|
|
Allocate partnership profit or loss to each partner. Prepare the necessary adjusting entry. |
|
|
|
|
|
|
|
|
|
Post the adjusting entries and complete the trial balance. |
|
|
|
|
|
|
|
|
|
Prepare an income statement and statement of partners' capital for the year ended December 31, 2019 and a balance sheet at December 31. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|