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 $ 97,000 835,000 48,000 Accounts payable Zahiri, loan Gulian, capital Singh, capital Zahiri, capital $980,000 Total liabilities and capital $ 102,000 58,000 350,000 240,000 230,000 $980,000 Total assets Required: The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $146,000. Prepare a proposed schedule of liquidation at this point in time. Note: Amounts to be deducted should be entered with a minus sign. CULIAN SINGH AND ZAHIDI

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 $ 97,000 835,000 48,000 Accounts payable Zahiri, loan Gulian, capital Singh, capital Zahiri, capital $980,000 Total liabilities and capital $ 102,000 58,000 350,000 240,000 230,000 $980,000 Total assets Required: The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $146,000. Prepare a proposed schedule of liquidation at this point in time. Note: Amounts to be deducted should be entered with a minus sign. CULIAN SINGH AND ZAHIDI

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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Provide complete solutionsa. ₱48,000 b. ₱100,000 c. ₱136,000 d. ₱160,000
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