The following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Gulian, loan Total assets $ 86,000 805,000 52,000 $ 943,000 Accounts payable Zahiri, loan Gulian, capital Singh, capital Zahiri, capital Total liabilities and capital Beginning balances Sold assets Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments Required: The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $185,000. Prepare a proposed schedule of liquidation at this point in time. Note: Amounts to be deducted should be entered with a minus sign. GULIAN, SINGH, AND ZAHIRI Proposed Schedule of Liquidation Cash Other Assets Accounts Payable $ 132,000 51,000 310,000 230,000 220,000 $ 943,000 Gulian, Loan and Capital Singh, Capital Zahiri, Loan & Capital
The following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Gulian, loan Total assets $ 86,000 805,000 52,000 $ 943,000 Accounts payable Zahiri, loan Gulian, capital Singh, capital Zahiri, capital Total liabilities and capital Beginning balances Sold assets Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments Required: The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $185,000. Prepare a proposed schedule of liquidation at this point in time. Note: Amounts to be deducted should be entered with a minus sign. GULIAN, SINGH, AND ZAHIRI Proposed Schedule of Liquidation Cash Other Assets Accounts Payable $ 132,000 51,000 310,000 230,000 220,000 $ 943,000 Gulian, Loan and Capital Singh, Capital Zahiri, Loan & Capital
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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please answer this with all working like explanation , computation , formulation and steps answer in text thanks
Transcribed Image Text:The
following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share profits and losses in the ratio
of 4:3:3, respectively:
Cash
Other assets
Gulian, loan
Total assets
$ 86,000
805,000
52,000
$ 943,000
Accounts payable
Zahiri, loan
Gulian, capital
Singh, capital
Zahiri, capital
Total liabilities and capital
Beginning balances
Sold assets
Adjusted balances
Max loss on remaining noncash assets
Paid liabilities
Safe payments
Required:
The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $185,000. Prepare a proposed
schedule of liquidation at this point in time.
Note: Amounts to be deducted should be entered with a minus sign.
GULIAN, SINGH, AND ZAHIRI
Proposed Schedule of Liquidation
Cash
Other
Assets
$ 132,000
51,000
310,000
230,000
220,000
$ 943,000
Accounts
Payable
Gulian, Loan Singh,
and Capital Capital
Zahiri, Loan
& Capital
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