Conway and Lawrence form a partnership by combining the assets and liabilities of their respective sole proprietorships. Requirements: Review assets and liabilities of each partner and their market values in the following Excel Template, then: Journalize the formation of the partnership. Half way through the first year of operations Conway and Lawrence admit Korman to the partnership. Journalize Korman's admission to the partnership. Prepare an income distribution worksheet. Journalize the closing of the income summary accounts to the capital accounts. After five years of operation Conway, Korma, and Lawrence decide to dissolve their partnership. Complete the liquidating worksheet. Journalize each step of the liquidation
Wednesday, February 9, 2011
Conway and Lawrence Partnership Liquidation
Conway and Lawrence form a partnership by combining the assets and liabilities of their respective sole proprietorships. Requirements: Review assets and liabilities of each partner and their market values in the following Excel Template, then: Journalize the formation of the partnership. Half way through the first year of operations Conway and Lawrence admit Korman to the partnership. Journalize Korman's admission to the partnership. Prepare an income distribution worksheet. Journalize the closing of the income summary accounts to the capital accounts. After five years of operation Conway, Korma, and Lawrence decide to dissolve their partnership. Complete the liquidating worksheet. Journalize each step of the liquidation
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment