The partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. Profits and losses are shared 50%; 30%; and 20%, respectively. C. P (32,000) (12,000) Guess, Drawing (debit balance) Levis, Drawing (debit balance) Jag, Loan Guess, Capital Jag, Capital Levis, Capital 40,000 164,000 134,000 144,000 Total assets amounted to P 638,000, including cash of P 70,000, and P 200,000 worth of liabilities. On January 2019, the partnership was liquidated, and Jag received P 111,000 cash as final settlement.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019.
Profits and losses are shared 50%; 30%; and 20%, respectively.
С.
Guess, Drawing (debit balance)
Levis, Drawing (debit balance)
Jag, Loan
Guess, Capital
Jag, Capital
Levis, Capital
P (32,000)
(12,000)
40,000
164,000
134,000
144,000
Total assets amounted to P 638,000, including cash of P 70,000, and P 200,000 worth of liabilities. On
January 2019, the partnership was liquidated, and Jag received P 111,000 cash as final settlement.
Required:
The total loss from the liquidation of the partnership
Prepare the statement of liquidation.
Journal entries to record the liquidation.
1.
2.
3.
Transcribed Image Text:The partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. Profits and losses are shared 50%; 30%; and 20%, respectively. С. Guess, Drawing (debit balance) Levis, Drawing (debit balance) Jag, Loan Guess, Capital Jag, Capital Levis, Capital P (32,000) (12,000) 40,000 164,000 134,000 144,000 Total assets amounted to P 638,000, including cash of P 70,000, and P 200,000 worth of liabilities. On January 2019, the partnership was liquidated, and Jag received P 111,000 cash as final settlement. Required: The total loss from the liquidation of the partnership Prepare the statement of liquidation. Journal entries to record the liquidation. 1. 2. 3.
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