Homework SourseP1230A 2 3 Requirements 4 5 1 Prepare statement of partners
P12-30A 2 3 Requirements 4 5 1. Prepare statement of partners\' equity for the month ended November 30, 2018. Use a separate column for each partner in the statement of partners\' equity 7 8 2. Prepare the four closing entries for the month ended November 30, 2018. 10 3. Taker decides to withdraw from the partnership on December 1, 2018. Her settlement includes all the Merchandise Inventory and all of the Cash in exchange 12 13 14. 15 16 17 18 19 ISolution: partnership. They sell the building for $150,000. Then they pay the liabilities and distribute the cash to complete the liquidation. Journalize these liquidation entries. Assume the profit and loss sharing ratios remain the same.
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| Statement of Partner\'s Equity - Nov\'30, 2018 | |||
| Particulars | Long | Oliver | Taker |
| Opening Capital | $65,000.00 | $45,000.00 | $60,000.00 |
| Less: Drawings | -$10,000.00 | -$10,000.00 | -$8,000.00 |
| Less: Share in Loss (17,000 in ratio of 2:2:1) | -$6,800.00 | -$6,800.00 | -$3,400.00 |
| Closing Capital | $48,200.00 | $28,200.00 | $48,600.00 |
