Answer to Question #103723 in Finance for ibrar

Question #103723
On January 1, 2015, Oskar, Lucy and Dexter agreed to dissolve their partnership. Their partnership agreement allocates profit and losses equally among the partners. The current period’s ending capital account balances are Oskar, $15,000, Lucy, $10,000, and Dexter, $(6,000). After all the assets are sold and liabilities are paid, but before any contributions to cover any deficiencies, there is $19,000 in cash to be distributed.
REQUIRED:
Prepare the journal entries to end the partnership under each of the following unrelated assumptions. Explanation is not required.
a) Dexter pays $6,000 to cover the deficiency in his account.
1
Expert's answer
2020-02-27T09:31:57-0500

a) Debit capital account credit payment account - $6000







Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be the first!

Leave a comment

Ask Your question

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS