ABAX is a partnership owned by Alders, Byron, and Calvin, who share profits and losses in the ratio of 1:3:4. The account balances of the partnership at June 30 follow.

Requirements
1. Prepare the June 30 entries to close the revenue, expense, income summary, and drawing accounts.
2. Insert the opening capital balances in the partners€™ capital accounts, post the closing entries to their accounts, and determine each partner€™s ending capital.
3. Prepare the June 30 entries to liquidate the partnership assuming the noncash assets are sold for$120,000.

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АВАХ Adjusted Trial Balance June 30, 2012 Debit Credit Account Title Cash Noncash assets Notes payable Alders, capital Byron, capital Calvin, capital Alders, drawing Byron, drawing Calvin, drawing Sales revenue Salary expense Rent expense Totals S 33,000 117,000 32,000 22,000 50,000 53,000 9,000 27,000 49,000 164,000 74,000 12,000 $321,000 $321,000