Solved

The Balance Sheet of Ryan and Peter Firm as at 30

Question 64

Multiple Choice

The balance sheet of Ryan and Peter firm as at 30 June 2017 is given below.
The balance sheet of Ryan and Peter firm as at 30 June 2017 is given below. Ryan and Peter share profits in the ratio 3:2.They have decided to liquidate the partnership with immediate effect.They sold the furniture and equipment for $72,000.Which of the following is the correct journal entry for the sale transaction? A) B) C) D)
Ryan and Peter share profits in the ratio 3:2.They have decided to liquidate the partnership with immediate effect.They sold the furniture and equipment for $72,000.Which of the following is the correct journal entry for the sale transaction?


A) The balance sheet of Ryan and Peter firm as at 30 June 2017 is given below. Ryan and Peter share profits in the ratio 3:2.They have decided to liquidate the partnership with immediate effect.They sold the furniture and equipment for $72,000.Which of the following is the correct journal entry for the sale transaction? A) B) C) D)
B) The balance sheet of Ryan and Peter firm as at 30 June 2017 is given below. Ryan and Peter share profits in the ratio 3:2.They have decided to liquidate the partnership with immediate effect.They sold the furniture and equipment for $72,000.Which of the following is the correct journal entry for the sale transaction? A) B) C) D)
C) The balance sheet of Ryan and Peter firm as at 30 June 2017 is given below. Ryan and Peter share profits in the ratio 3:2.They have decided to liquidate the partnership with immediate effect.They sold the furniture and equipment for $72,000.Which of the following is the correct journal entry for the sale transaction? A) B) C) D)
D) The balance sheet of Ryan and Peter firm as at 30 June 2017 is given below. Ryan and Peter share profits in the ratio 3:2.They have decided to liquidate the partnership with immediate effect.They sold the furniture and equipment for $72,000.Which of the following is the correct journal entry for the sale transaction? A) B) C) D)

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q45: Whenever there is a change in the

Q56: When one person purchases the partnership interest

Q61: The liquidation of a partnership means that:
A)a

Q62: In the process of liquidation,a partnership firm

Q63: If a partner withdraws from a partnership

Q72: When a partner withdraws from the partnership

Q73: Gary,Peter and Chris own a firm as

Q74: When a partner withdraws from a partnership

Q76: Gary,Peter and Chris and have capital balances

Q78: Mathew,Patrick and Robin and have capital balances

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents