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 $ 94,000 820,000 45,000 $ 959,000 Beginning balances Sold assets Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments Accounts payable Zahiri, loan Gulian, capital Singh, capital Zahiri, capital Total liabilities and capital Required: The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $110,000. 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 0 $ 0 $ Accounts Gulian, Loan Payable and Capital 0 $ 0 $ 0 $ ▶ $ 24,000 55,000 390,000 250,000 240,000 $ 959,000 0 $ Singh, Capital 0 $ 0 $ 0 0 Zahiri, Loan & Capital $ $ 0 0

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 $ 94,000 820,000 45,000 $ 959,000 Beginning balances Sold assets Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments Accounts payable Zahiri, loan Gulian, capital Singh, capital Zahiri, capital Total liabilities and capital Required: The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $110,000. 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 0 $ 0 $ Accounts Gulian, Loan Payable and Capital 0 $ 0 $ 0 $ ▶ $ 24,000 55,000 390,000 250,000 240,000 $ 959,000 0 $ Singh, Capital 0 $ 0 $ 0 0 Zahiri, Loan & Capital $ $ 0 0

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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A4
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