Publisher's Synopsis
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1912 edition. Excerpt: ... On that basis effect a settlement and show what per cent will be paid to creditors. Show the entries for adjusting the matter, including the sale of assets and the final settlement. 3. Gray, Brown, and Green are partners, sharing profits and losses equally. Their capital accounts as shown in the books at a given date are: ' Gray, Cr., $ 10000 Brown, Cr., 5000 Green, Cr., 1500 On this date they decide to close the business and dissolve partnership. The firm has money borrowed from the partners as follows: Gray, $2000, Green, $3000. They sold all of the assets for $ 19500, and after paying all liabilities, except the loans from partners, they have $3600 left. How shall this be applied? Prepare accounts closing up the business and show how each partner's account stands. 4. You are appointed receiver of a small manufacturing company, which is to be wound up. You gather the following information from different sources: Mdse. on hand, $1900.00; Real Estate, $2000.00; Accts. Rec., $1200.00; Bills Rec., $1500.00; interest accrued on Bills Rec., $ 15.00; Office Furniture, $ 100.00; Bills Payable, $5000.00; Interest due on Bills Payable, $ 100.00; Mortgage on Real Estate, $900.00; Accts. Payable, $8000; Capital Stock subscribed, $ 10,000.00; of which there is paid up $7500. Find the Impairment of Capital, submit a trial balance of the ledger as at the time you receive the books, and open proper accounts in the ledger. Pass the following entries through your Journal: (a) Sold the goods at 60 on the dollar, cash. (b) Sold the Real Estate for $2400.00; purchaser assumes mortgage as part payment and gives his check for the balance. (c) Collected cash as follows: For unpaid stock, $2500.00; on Bills Receivable, $1200.00; on Interest, $1200.00; on..
