16563751735850 advanceds Oid 4207 Yhoo Apple Cloud Google Wx

16563751735850 advanced?s. .Oid 4207 Yhoo Apple Cloud Google Wxipeda Facebook Ctation Bing s0BUInvestmont s ry luther and gage are dissolving their partneah pter 12 &13 Help Save & Exit Sub Henry, Luther, and Gage are dissolving their partnership. Their partnership agreement all losses. The current period\'s ending capital account balances are a locates each partner 1/3 of all income and Henry. S45.000: Luther S3700 and Gage. SC5.000) After an assets are sold and liabilities are paid, there is $77,000 in cash to be distributed. Gage is unable to pay the deficiency The journal entry to record the distribution should be: Mutiple Choice Debit Henry, Capital $42.500, debit Luther, Capital $34,500 credit Cash $77,000. Debit Henry. Copital $25607; debit Luther Coptel $25.667, debit Gage, Capital $25666, credit Cash $772000. Debit Cash $77000, debit Gage, Copital $5,000, credit Henry, Capital $45.000, creadit Luther Capital $37000 Debit Cash $77000 credit Henry, Copital $25.667, credit Luther, Captal $25,667, crede Gage, Capital $25666 2 3 4 5 7 9

Solution

Journal entry to record the distribution should be : Debit Henry Capital $42,500 , debit Luther Capital $34,500 and Credit Cash

Gage is unable to pay Deficiency i.e. $ 5,000

which will cash is bought in the firm by remaining partner hence should be bear by Henry and Luther equally i.e $2,500 equally

Henry and Luther has Balance of their Capital i.e. $ 45,000 and $37,000

Hence $77,000 will be distributed as $42,500 and $ 34,500 between Henry and Luther