A partnership has the following balance sheet at December 31,2018.Blair and Smith share profits 50:50.
The partnership liquidates and sells its land for $100,000.All liabilities are liquidated at book value.
Required:
Prepare the journal entries to liquidate the partnership on December 31,2018.

Question

A partnership has the following balance sheet at December 31,2018.Blair and Smith share profits 50:50.
  The partnership liquidates and sells its land for $100,000.All liabilities are liquidated at book value.
Required:
Prepare the journal entries to liquidate the partnership on December 31,2018.

Quizplus · Accepted Answer

The Answer of A partnership has the following balance sheet at December 31,2018.Blair and Smith share profits 50:50.
  The partnership liquidates and sells its land for $100,000.All liabilities are liquidated at book value.
Required:
Prepare the journal entries to liquidate the partnership on December 31,2018.

A Partnership Has the Following Balance Sheet at December 31,2018