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P12-11B Prepare and post entries for partnership liquidation. (LO 7) AP The...

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Question

Accounting

P12-11B

Prepare and post entries for partnership liquidation.

(LO 7) AP

The partners in Omni Services decided to liquidate the partnership on May 31, 2017, when balances in the company's accounts were as follows:

Item

Cash

Accounts Receivable

Equipment

Accumulated Depreciation

Accounts Payable

B. Hally, Capital

H. Lockyear, Capital

A. Vu, Capital

Balances before

liquidation

$33,000

$20,000

$75,200

$6,400

$53,160

$39,600

$25,200

$3,840

The partners share profit and loss 5:3:2 for Hally, Lockyear, and Vu, respectively.

Instructions

(a)

Complete the schedule and prepare the journal entries for the liquidation of the partnership assuming the noncash assets were sold for $88,800, liabilities are paid, and the cash is distributed appropriately.

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