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assignment 3-محول

This document appears to be an accounting assignment from the Egyptian Chinese University asking students to complete two questions regarding the liquidation of partnerships. For question one, the student is asked to prepare journal entries to record: the sale of non-cash assets, allocation of gain/loss on liquidation to partners, payment of creditors, and distribution of cash to partners for a partnership called Zhuzer Company. For question two, the student is asked to prepare a cash distribution schedule for the liquidation of Appalachian Company.

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49 views2 pages

assignment 3-محول

This document appears to be an accounting assignment from the Egyptian Chinese University asking students to complete two questions regarding the liquidation of partnerships. For question one, the student is asked to prepare journal entries to record: the sale of non-cash assets, allocation of gain/loss on liquidation to partners, payment of creditors, and distribution of cash to partners for a partnership called Zhuzer Company. For question two, the student is asked to prepare a cash distribution schedule for the liquidation of Appalachian Company.

Uploaded by

mariam raafat
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Egyptian Chinese University

Faculty of Economics and international Trade


Accounting Department

Student Name
ID

Assignment (3)
Question1
The Zhuzer Company at December 31 has cash $50,000, noncash assets $250,000,
liabilities $138,000, and the following capital balances: Zhu $112,000 and Zerkel
$50,000. The firm is liquidated, and $265,000 in cash is received for the noncash
assets. Zhu and Zerkel income ratios are 60% and 40%, respectively.
Instructions Prepare the entries to record:
(a) The sale of noncash assets.
(b) The allocation of the gain or loss on liquidation to the partners.
(c) Payment of creditors.
(d) Distribution of cash to the partners
Question2
Appalachian Company at December 31 has cash $40,000, noncash
assets $200,000, liabilities $110,000, and the following capital balances:
Hoffman $90,000 and Mena $40,000. The firm is liquidated, and
$220,000 in cash is received for the noncash assets. Hoffman and Mena
income ratios are 60% and 40%, respectively.
Instructions Prepare a cash distribution schedule.

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