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Partnership ABC has decided to liquidate the partnership. They have given you with the given information.

Trial Balance:

Cash..................................70,000

Noncash assets...................200,000

Liabilities............................................20,000

A, Capital...........................................100,000

B, Capital...........................................120,000

C, Capital...........................................30,000

The noncash assets of the business were sold for $250,000. The resulting gain was divided in a ratio of 1:2:2.

a) Give a statement of partnership liquidation.

b) Give the journal entries to record the sale of assets, the division of the gain, the payment of liabilities and the division of cash.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M923072

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