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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.

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  • Reference No.:- M923072

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