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:

Question

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:

Answer

Dr. Realization                                 $20,000

Cr. Mei Current
Account               $12,000

Cr. Nancy Current
Account           $4,000

Cr. Oprah Current Account          $4,000

Answer

Dr. Mei Current
Account               $12,000

Dr. Nancy Current
Account          $4,000

Dr. Oprah Current
Account          $4,000

Cr. Realization                                  $20,000

Answer

Dr. Realization                                 $20,000

Cr. Mei Capital
Account                 $12,000

Cr. Nancy Capital
Account            $4,000

Cr. Oprah Capital
Account            $4,000

Answer

Dr. Mei Capital
Account $12,000

Dr. Nancy Capital
Account $4,000

Dr. Oprah Capital
Account $4,000

Cr. Realization                      $20,000

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Mei, Nancy and Oprah have been in partnership for several years, sharing profit...

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