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March 29, 2015

Homework Help: Accounting, Advanced

Posted by Delanour on Saturday, May 2, 2009 at 7:46pm.

After realization of all noncash assets and the payment of all liabilities, the balance sheet of the liquidating Pon, Quan & Ron LLP on January 31, 2005, showed Cash,$15,000; Pon, Capital, ($9,000); Quan & Ron, Capital, $16,000, with ( ) indicating a capital deficit. The partners share net income and losses equally.
Prepare a journal entry for Pon, Quan & Ron LLP Jan 31, 2005, to show the payment of $15,000 cash in a safe manner to the partners. Show computations in the explaination for the journal entry.

Thaks in advance and have a good one!

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