jones smith and tandy are partners in a furniture store 263119

Jones, Smith, and Tandy are partners in a furniture store that began liquidation on January 1, 2011, when the ledger contained the following account balances:

?



The following transactions and events occurred during the liquidation process:

January Inventories were sold for $20,000 cash, collections on account totaled $14,000, and half of the amount due to creditors was paid.

February Land costing $40,000 was sold for $60,000, the remaining land and buildings were sold for $40,000, half of the remaining receivables were collected, and the remainder were uncollectible.

March The remaining liabilities were paid, and available cash was distributed to the partners in final liquidation.

REQUIRED

Prepare a statement of liquidation for the Jones, Smith, and Tandypartnership.

Submit a Comment