The partnership of Hall, Lewis, and Madison is to be liquidated as of June 30 of this year. The partners share profits and losses in the ratio of 2:2:1, respectively. The firm’s post-closing trial balance looks like this:

The firm’s realization and liquidation transactions are as follows:

Instructions 1. Record the balances in the selected ledger accounts.
2. Record the liquidating transactions in general journal form and post to the affected ledger accounts after each transaction.

Transcribed Image Text:

Hall, Lewis, and Madison Post-Closing Trial Balance June 30, 19- ACCOUNT NAME DEBIT CREDIT 40305 00 Cash Merchandise Inventory Other Assets. Accounts Payable J. P. Hall, Capital C. Y. Lewis, Capital T. N. Madison, Capital 5887500 4545000 1263000 5400000 4200000 3600000 14463000 14463000