Sameer, Hani, and Ali are partners in SHAPartnership. On 1/1/ 2021, they decide to liquidatetheir business. On 31/12/2020, and before closingthe net income for 2020, you have the followingaccounts and balances:Cash$ 52,000Non cash Assets230,000Liabilities20,000Sameer's capital134,000Hani's capital78,000Ali's capital10,000You know that:Net income for the year 2020 was $ 40,000.Non cash assets are sold for $160,000 cashPartners share income/ loss in a 4:3:3 ratio,respectively.Required: Calculate the amount of Cashdistribution to Sameer, after the liquidation processis over.(Note: in the answer space, write only the number,with no $ signs or commas. That is, if your answeris $1,000, white it as : 1000 ).Answer:

Liquidation is the process by which a business or organization comes to an end and is formally…

Sameer, Hani, and Ali are partners in SHA Partnership. On 1/1/ 2021, they decide to liquidat their business. On 31/12/2020, and before closir the net income for 2020, you have the following accounts and balances: Cash $ 52,000

Sameer, Hani, and Ali are partners in SHA Partnership. On 1/1/ 2021, they decide to liquidat their business. On 31/12/2020, and before closir the net income for 2020, you have the following accounts and balances: Cash $ 52,000

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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Kindly answer the 2 problems thank you.
these entries will be recorded 1) record the entry for formation of partnership june 1 2020 2) record the withdrawl by partner november 20 3) record the closing of profit to capital may 31 4) record the admissin of william for 20% interest june 01 these are not subparts i have mentioned these only for ur help
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