P12-7A Link Back to Chapter 4 (Closing Entries). ABS & Company is a partnership owned by Alberts, Beech, and Sumner, who share profits and losses in the ratio of 1:3:4. The adjusted trial balance of the partnership (in condensed form) at June 30, end of the current fiscal year, follows. Cash Noncash assets Liabilities... ABS & COMPANY Adjusted Trial Balance June 30, 20XX $ 24.000 116,000 $100.000 Alberts, capital 22.000 Beech, capital.. 41.000 Sumner, capital. 62.000 Alberts, drawing. 14.000 Beech, drawing. 35.000 Sumner, drawing 54.000 Revenues.. 108.000 Expenses 90,000 Totals. $333,000 $333.000 Required 1. Prepare the June 30 entries to close the revenue, expense. income summary, and draw- ing accounts. 2. Insert the opening capital balances in the partners' capital accounts, post the closing entries to the capital accounts, and determine each partner's ending capital balance. 3. The partnership liquidates on June 30 by selling the noncash assets for $105.000. Using the ending balances of the partners' capital accounts computed in requirement 2. prepare a summary of liquidation transactions (as illustrated in Exhibit 12-4).