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problem: The partners of the RichMax Corporation decide to liquidate the firm on DEC 3.

RichMax Corporation Balance Sheet as on 3/31/08



Liabilities and Owners Equity




Notes Payable


Accounts Receivable


Accounts Payable


Allowance for Doubtful A/C


Wages Payable


Merchandise Inventory


Rich, Capital




Max, Capital


Accumulated Depreciation, Eqt


Rudy, Capital






Partners share income & loss in the ratio 1:2:3. During the process of liquidation, the following transactions were finished.

[A] A total of $42,000 was received from the sale of all of the non-cash assets.
[B] Liabilities fully paid.
[C] Rudy was unable to pay his capital deficiency.
[D] The final cash distribution was made to partners.

Make journal entries to record the liquidation.

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M923494

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