Question

pls show all calculation tx

On November 15 of the current year, the account balances in Orlole Partnership were Cash $8.650 Land $19.000D Dupuis Capital $12.800; V. Dueck. Capital $10,400 and B Veltch. Capital $4.450. The three partners share profit and losses equally. The land was sold for $22.600 cash Your answer is correct Prepare the journal entry to record the sale of the land. (Credit account titles are automatically Indented when the amount is entered Do norindent manually Debit Credit 22.600 Date Account Titles and Explanation Nov. 15 Cash Gain on Realization Land To record realization of assets. 3600 19.000 eTextbook and Media - Your answer is partially correct. Prepare the journal entry to distribute anty resulting gain ar loss to the capital accounts. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Debit Credit 1200 1200 Date Account Titles and Explanation Nov 15 B. Veitch, Capital V.Dueck, Capital D. Dupuls, Capital Gain on Realization (To allocate gain on realization.] 3600 eTextbook and Media - Your answer is partially correct. Prepare the journal entry to record the final distribution of cash to the partners. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Nov. 15 V. Duod Capital : D. Dupuis, Capital B. Veltch. Capital Cash To record final distribution to partners.) 2883 2863 2883 8,650

Answer 1

Gain on realization $3,600 will be shared among all partners in the profit sharing ratio i.e. 1:1:1

Following entry is needed to transfer Gain on realization to partners

Journal

Date	Account	Debit	Credit
Nov. 15	Gain on realization	3,600
	B. Veitch, capital		1,200
	V. Dueck, capital		1,200
	D. Dupuls, capital		1,200

Cash to be paid to B. Veitch = B. Veitch, capital + Share of Gain on realization

= 4,450 + 1,200

= $5,650

Cash to be paid to V. Dueck = V. Dueck, capital + Share of Gain on realization

= 10,400 + 1,200

= $11,600

Cash to be paid to D. Dupuls = D. Dupuls, capital + Share of Gain on realization

= 12,800 + 1,200

= $14,000

Final cash balance = Beginning cash + Cash received from sale of Land

= 8,650 + 22,600

= $31,250

Following journal entry will be made for final cash distribution to partners:

Journal

Date	Account	Debit	Credit
Nov. 15	B. Veitch, capital	5,650
	V. Dueck, capital	11,600
	D. Dupuls, capital	14,000
	Cash		31,250

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