The partnership of Hall, Lewis, and Madison is to be liquidated P.O. 6 as of November 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:

Cash Hall, Lewis, and Madison Post-Closing Trial Balance November 30, 19- ACCOUNT NAME Merchandise Inventory Other Assets Accounts Payable J. P. Hall, Capital DEBIT 37 40000 6724000 48 160 00 CREDIT 15 720 00 5380000 4368000 396 00 00 152 800 00 C. Y. Lewis, Capital T. N. Madison, Capital 15280000