REFERENCE: Ref.15_05
The partners of Donald,Chief & Berry LLP decided to liquidate on August 1,2009.The balance sheet of the partnership is as follows,with the income-sharing ratio of 25%,45%,30% respectively.
The disposal of other assets with a carrying amount of $200,000 realized $140,000,and all available cash was distributed.
-Prepare the journal entry for Donald,Chief & Berry LLP on August 1,2009,to record the elimination of the loan receivable from Donald.

Question

REFERENCE: Ref.15_05
The partners of Donald,Chief & Berry LLP decided to liquidate on August 1,2009.The balance sheet of the partnership is as follows,with the income-sharing ratio of 25%,45%,30% respectively.
  The disposal of other assets with a carrying amount of $200,000 realized $140,000,and all available cash was distributed.
-Prepare the journal entry for Donald,Chief & Berry LLP on August 1,2009,to record the elimination of the loan receivable from Donald.

Quizplus · Accepted Answer

The Answer of REFERENCE: Ref.15_05
The partners of Donald,Chief & Berry LLP decided to liquidate on August 1,2009.The balance sheet of the partnership is as follows,with the income-sharing ratio of 25%,45%,30% respectively.
  The disposal of other assets with a carrying amount of $200,000 realized $140,000,and all available cash was distributed.
-Prepare the journal entry for Donald,Chief & Berry LLP on August 1,2009,to record the elimination of the loan receivable from Donald.

REFERENCE: Ref.15_05 The Partners of Donald,Chief & Berry LLP Decided to Liquidate