CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 23-3 Dissolving a Partnership.

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Presentation transcript:

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 23-3 Dissolving a Partnership

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 2 LESSON 23-3 ACCOUNT BALANCES BEFORE REALIZATION page 686

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 3 LESSON 23-3 GAIN ON REALIZATION page Calculate the gain.2.Record the entry. 2 August 1, Received cash from sale of truck, $13,000.00: original cost, $20,000.00; total accumulated depreciation recorded to date, $8, Receipt No Gain on Realization =Book Value of Asset Sold –Value of Asset Received $1,000.00=–Cash$13, Cost$20, Accum. Depr. 8, Book Value$12,

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 4 LESSON 23-3 LOSS ON REALIZATION page Calculate the loss.2.Record the entry. 2 August 1. Received cash from sale of supplies, $1,100.00; balance of supplies account, $1, Receipt No Loss on Realization =Book Value of Asset Sold –Value of Asset Received $(400.00)=–Cash$1,100.00Supplies$1,

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 5 LESSON 23-3 LIQUIDATING LIABILITIES page 688 August 4, Paid cash to all creditors for the amounts owed, $4, Check No. 422.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 6 LESSON 23-3 ACCOUNT BALANCES AFTER LIQUIDATION OF NONCASH ASSETS AND PAYMENT OF LIABILITIES page 688

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 7 LESSON 23-3 $ $ ==== 60% 40% ×××× $ Walker Jeter Total Share of the Balance of Loss and Gain on Realization =Fixed Percentage ×Balance of Loss and Gain on Realization DISTRIBUTING LOSS OR GAIN ON REALIZATION TO PARTNERS page 689 August 6, Recorded distribution of gain on realization: to Adam Walker, $360.00; to Shirley Jeter, $ Memorandum No Calculate each partner’s share of gain or loss. 2.Record entry to distribute gain or loss. 2 1

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 8 LESSON 23-3 DISTRIBUTING REMAINING CASH TO PARTNERS page 689 August 6. Recorded final distribution of remaining cash to partners: to Adam Walker, $18,360.00; to Shirley Jeter, $12, Check Nos. 423 and 424.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 9 LESSON 23-3 TERMS REVIEW liquidation of a partnership realization limited liability partnership (LLP) page 690