P12-7B Link Back to Chapter 4 (Closing Entries). VT&P is a partnership owned by Vela. Thomas, and Prago, who share profits and losses in the ratio of 5:3:2. The adjusted trial bal- ance of the partnership (in condensed form) at September 30, end of the current fiscal year, follows. VT&P Adjusted Trial Balance September 30, 20XX Cash $ 10,000 Noncash assets 177,000 Liabilities... $135,000 Vela, capital. 57.000 Thomas, capital. 44,000 Prago, capital... 21,000 Vela, drawing 45,000 Thomas, drawing 37.000 Prago, drawing 18.000 Revenues. 211.000 Expenses 181,000 Totals $468.000 $468,000 Required 1. Prepare the September 30 entries to close the revenue, expense, income summary, and drawing accounts. 2. Insert the opening capital balances in the partner capital accounts, post the closing entries to the capital accounts, and determine each partner's ending capital balance. 3. The partnership liquidates on September 30 by selling the noncash assets for $147.000. Using the ending balances of the partner capital accounts computed in requirement 2. prepare a summary of liquidation transactions (as illustrated in Exhibit 12-4),