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Questions Bank (1234517 total)
In accordance with the Garner V Murray rule, the deficit in the capital account of a defaulting partner is transferred to the capital accounts of the remaining partners:
. R, S and T share profit and losses in the ratio R=35%, S== 45% and T= 20%. The partners decided to dissolve their partnership. The capital balances of the partners before and after accounting for sale of partnership assets and settlement of creditors and dissolution cost are:
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Before Dissolution
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After Dissolution
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R
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$40,000 credit balance
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$30,000 credit balance
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S
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$60,000 credit balance
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$50,000 credit balance
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T
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$20,000 credit balance
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$30,000 debit balance
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T became insolvent and was able to settle the deficit balance in the capital accounts. In accordance with the Garner V Murray rule, the journal entries to settle the debit balance in T’s capital account are:
On 1st January 2022 the partners A, B and C agreed to dissolve their partnership. During the dissolution, the following assets of the partnership were taken over by the partners:
Partner A took over a vehicle with Book Value of $23,000 at an agreed value of $25,000
Partner B took over office equipment Book Value $5,000 at an agreed value of $3,000
Partner C took over furniture Book Value $7,000 at an agreed value of $6,000
The journal entries to record the assets taken over by the partners are:
During a dissolution of a partnership, creditors of the partnership agreed to a settlement of $10,000. The creditors balance in the balance sheet prior to settlement was $15,000. The journal entries to record the discounts provided by the creditors are:
In a partnership dissolution, a debit balance in the capital and current accounts of a partner:
The journal entries to record $3,000 cost of dissolution of a partnership are:
Mei, Nancy and Oprah have been in partnership for several years, sharing profits and losses in the ratio of Mei 60%, Nancy 20% and Oprah 20%. The sale of the assets of the partnership resulted in a realization gain of $20,000. The journal entries to record the transfer of the balance in the realization are:
In accounting for dissolution of a partnership:
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