Answered: 45. ABCD's balance sheet before… | bartleby

EBK CONTEMPORARY FINANCIAL MANAGEMENT

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter3: Evaluation Of Financial Performance

Section: Chapter Questions

Problem 19P

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45. ABCD's balance sheet before liquidation shows the following figures:
In $
Activities 90,000
Liabilities 20,000
Loans A = 5,000
Capital A = 20,000
Capital B = 20,000
Capital C = 20,000
Capital D= 5,000
A, B, C, D share their respective profits in a 2:1:1:1 ratio Certain assets are sold for
$35,000 The creditors were paid in full, the partners were paid $10,000, and a cash sum of
$5,000 was withheld pending future developments.
Prepare the journal entries needed to record the above tra
of cash to partners.
tions Includes the distribution

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