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The Balance Sheet of Ryan and Peter Firm as at 30

question 64

Multiple Choice

The balance sheet of Ryan and Peter firm as at 30 June 2017 is given below.  Assets  Liabilities  Cash $15,000 Accounts payable $15,000 Accounts receivable 12,000 Other liabilities 22,000 Furmiture 23,000 Partners’ equity  Equipment 39,000 Ryan, capital 30,000 Other assets 8,000 Peter, capital 30,000 Total assets $97,000 Total liabilities and partners’ equity $97,000\begin{array}{|l|r|l|c|}\hline{\text { Assets }} &&{\text { Liabilities }} & \\\hline \text { Cash } & \$ 15,000 & \text { Accounts payable } & \$ 15,000 \\\hline \text { Accounts receivable } & 12,000 & \text { Other liabilities } & 22,000\\\hline \text { Furmiture } & 23,000 & {\text { Partners' equity }} & \\\hline \text { Equipment } & 39,000 & \text { Ryan, capital } & 30,000 \\\hline \text { Other assets } & \underline{8,000} & \text { Peter, capital } & \underline{30,000} \\\hline \text { Total assets } & \$ 97,000 & \text { Total liabilities and partners' equity } & \$ 97,000\\\hline\end{array} Ryan and Peter share profits in the ratio 3:2.They have decided to liquidate the partnership with immediate effect.They sold the furniture and equipment for $72,000.Which of the following is the correct journal entry for the sale transaction?


Definitions:

Basic Model

A simplified representation or prototype that serves as the starting point for understanding complex systems or concepts.

Internal And External

Describes factors or influences that originate from within an entity (internal) or from the outside environment (external).

Routine Assignments

Tasks or duties assigned on a regular basis, usually as part of daily work in a job or role, often characterized by repetitiveness and a predefined process.

Weak Performer

An individual in an organization who consistently fails to meet the expected standards of performance.

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