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 Accounts payable $ 84,000 770,000 35,000 Zahiri, loan Gulian, capital Singh, capital Zahiri, capital $ 889,000 Total liabilities and capital $ 184,000 45,000 290,000 190,000 180,000 $ 889,000 Total assets Required: The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $250,000. Prepare a proposed schedule of liquidation at this point in time. Note: Amounts to be deducted should be entered with a minus sign. Beginning balances GULIAN, SINGH, AND ZAHIRI Proposed Schedule of Liquidation Cash Sold assets Adjusted balances 0 Max loss on remaining noncash assets Paid liabilities Safe payments Other Assets Accounts Payable Gulian, Loan and Capital Singh, Capital Zahiri, Loan & Capital EA $ 0 $ 0 $ 0 $ 0 $ 0 0 $ 0 $ 0 $ 0 $ 0 $ 0

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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
Accounts payable
$ 84,000
770,000
35,000
Zahiri, loan
Gulian, capital
Singh, capital
Zahiri, capital
$ 889,000
Total liabilities and capital
$ 184,000
45,000
290,000
190,000
180,000
$ 889,000
Total assets
Required:
The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $250,000. Prepare a proposed
schedule of liquidation at this point in time.
Note: Amounts to be deducted should be entered with a minus sign.
Beginning balances
GULIAN, SINGH, AND ZAHIRI
Proposed Schedule of Liquidation
Cash
Sold assets
Adjusted balances
0
Max loss on remaining noncash assets
Paid liabilities
Safe payments
Other
Assets
Accounts
Payable
Gulian, Loan
and Capital
Singh,
Capital
Zahiri, Loan
& Capital
EA
$
0 $
0
$
0 $
0
$
0
0
$
0 $
0
$
0
$
0
$
0
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 Accounts payable $ 84,000 770,000 35,000 Zahiri, loan Gulian, capital Singh, capital Zahiri, capital $ 889,000 Total liabilities and capital $ 184,000 45,000 290,000 190,000 180,000 $ 889,000 Total assets Required: The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $250,000. Prepare a proposed schedule of liquidation at this point in time. Note: Amounts to be deducted should be entered with a minus sign. Beginning balances GULIAN, SINGH, AND ZAHIRI Proposed Schedule of Liquidation Cash Sold assets Adjusted balances 0 Max loss on remaining noncash assets Paid liabilities Safe payments Other Assets Accounts Payable Gulian, Loan and Capital Singh, Capital Zahiri, Loan & Capital EA $ 0 $ 0 $ 0 $ 0 $ 0 0 $ 0 $ 0 $ 0 $ 0 $ 0
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