he remaining A, B and C are partners and sharing income and loss in a 3:2:1 ratio respectively. They decided to liquidate the partnership. Before the final distributic cash to the partners, A has a capital balance of $ (30,000), B has a capital balance of $72,000 and C has a capital balance of $48,000. Cash balance is 90,000. A pald the amount he owes the partnership. Required: Prepare journal entries to record the above liquidation process.
he remaining A, B and C are partners and sharing income and loss in a 3:2:1 ratio respectively. They decided to liquidate the partnership. Before the final distributic cash to the partners, A has a capital balance of $ (30,000), B has a capital balance of $72,000 and C has a capital balance of $48,000. Cash balance is 90,000. A pald the amount he owes the partnership. Required: Prepare journal entries to record the above liquidation process.
Chapter1: Financial Statements And Business Decisions
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Quèstion 7
he remaining
A, B and C are partners and sharing income and loss in a 3:2:1 ratio respectively. They decided to liquidate the partnership. Before the final distributic
cash to the partners, A has a capital balance of $ (30,000), B has a capital balance of $72,000 and C has a capital balance of $48,000. Cash balance is 90,000. A pald
the amount he owes the partnership.
Required: Prepare journal entries to record the above liquidation process.
YOUR ANSWER SHOULD BE IN THE FOLLOWING FORM; DO NOT USE" BETWEEN NUMBERS:
Dr. Cash 100000
Cr. Land 100000
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