H1. Liquidation schedule—positive capital accountsThe ABC partnership reports the following condensed balance sheet:CashNoncash assets 455,000$279,500Partner A, capital97,500Partner B, capital117,000Partner C, capital156,000Total assets $650,000 Total liabilities and partner capital $650,000$195,000 LiabilitiesThe partners wish to liquidate the partnership. The noncash assets are sold for $325,000 with the loss distributed to the partners in the ratio of 35%:20%:45% to partner A, B, and C, respectively. Theliabilities are paid in full. Prepare a schedule detailing the liquidation of the assets, repayment of the liabilities, and distribution of the remaining cash to the partners.HINT: Use a negative sign with answers that reduce account balances.Liquidation Schedule of ABC PartnershipCapital account, prior to liquidation $Sale of noncash assetsPayment of creditorsDistribution to partnersPost-liquidation balances$Cash Noncash Assets Liabilities195,000 $455,000 $ 279,500 $$$$A-----Capital Accounts-----$$B$$сс

Partnership is a form of business organisation under which two or more than two persons join hands…

ation schedule-positive capital accounts The ABC partnership reports the following condensed balance sheet: Cash $195,000 Liabilities $279,500 Noncash assets 455,000 Partner A, capital 97,500 Partner B, capital 117,000 Partner C, capital 156,000 $650,000 Total liabilities and partner capital $650,000 Total assets The partners wish to liquidate the partnership. The noncash assets are sold for $325,000 with the loss distributed to the partners in the ratio of 35% : 20%:45% to partner A, B, and C, respectively. Th liabilities are paid in full. Prepare a schedule detailing the liquidation of the assets, repayment of the liabilities, and distribution of the remaining cash to the partners. HINT: Use a negative sign with answers that reduce account balances. Liquidation Schedule of ABC Partnership Capital account, prior to liquidation $ Cash Noncash Assets Liabilities 455.000 $279.500 $ 195.000 $ A -----Capital Accounts----- B с