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Kendra, Cogley, and Mei share income and loss in a 3: 1 ratio (K' share is 3/6, C's 2/6 and M's 1/6). The partners have decided to liquidate their...
Kendra, Cogley, and Mei share income and loss in a 3: 2: 1 ratio (K’ share is 3/6, C’s 2/6 and M’s 1/6). The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows.
KENDRA, COGLEY, AND MEI
Balance Sheet May 31
Assets Liabilities and Equity Cash . . . . . . . . . . . . $ 199,100 Accounts payable . . . . . . . . . . . . . $ 258,000 Inventory . . . . . . . . . 548,400 Kendra, Capital . . . . . . . . . . . . . . . 97,900
Cogley, Capital . . . . . . . . . . . . . . . 220,275
Mei, Capital . . . . . . . . . . . . . . . . . 171,325
Total assets . . . . . . . $ 747,500 Total liabilities and equity . . . . . . . $ 747,500
Prepare journal entries for:
( a) the sale of inventory, ( b) the allocation of its gain or loss, ( c) the payment of liabilities at book value, and (d) the distribution of cash assuming the partnership’s inventory is sold for $625,200. (13 points).
DateAccount NamesDebitCredit
