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Problem statement: The partnership of Able, Bower, and Cramer was liquidated. The partners have shared profits and losses in the ratio of 2:4:4. Prior to liquidation, their capital balances were the following*:

Able Bower Cramer
$10,000 $(5,000) $(15,000)

* Deficit shown in parentheses

Cash totaled $20,000, with liabilities amounting to $30,000. A review of the individual partners' personal financial status reveals the following:

Assets Liabilities
Able $ 5,000 $20,000
Baker 6,000 4,000
Cramer 30,000 20,000

Required:

Prepare a worksheet to liquidate the partnership.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M938101

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