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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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