All. Basel and Ziad are sharing income and loss in a 4:3:2 ratio respectively and decided to liquidate their partnership. Prior to the final distribution of cash to the partners. All has a capital balance of $(20,000). Basel has a capital balance of $48,000, and Ziad has a capital balance of $72,000. Also, cash balance is $100,000. All is NOT able to pay the amount he owes the partnership. Which of the following two journal entries are right to record this liquidation case? OA Basel Capital 10,000 Ziad Capital 15,000 20,000 38,000 Basel capital Ziad capital Cash 62,000 100,000 OB Basel Capital 8,000 Ziad Capital 12,000 All Capital 20,000 Basel capital 36,000 64,000 Ziad capital Cash 100,000 OC Basel Capital 12,000 Ziad Capital 8,000 20,000 Basel capital 36,000 Ziad capital Cash 64,000 100,000 All Capital All Capital
All. Basel and Ziad are sharing income and loss in a 4:3:2 ratio respectively and decided to liquidate their partnership. Prior to the final distribution of cash to the partners. All has a capital balance of $(20,000). Basel has a capital balance of $48,000, and Ziad has a capital balance of $72,000. Also, cash balance is $100,000. All is NOT able to pay the amount he owes the partnership. Which of the following two journal entries are right to record this liquidation case? OA Basel Capital 10,000 Ziad Capital 15,000 20,000 38,000 Basel capital Ziad capital Cash 62,000 100,000 OB Basel Capital 8,000 Ziad Capital 12,000 All Capital 20,000 Basel capital 36,000 64,000 Ziad capital Cash 100,000 OC Basel Capital 12,000 Ziad Capital 8,000 20,000 Basel capital 36,000 Ziad capital Cash 64,000 100,000 All Capital All Capital
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter4: Gross Income
Section: Chapter Questions
Problem 28P
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