Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

10 11 12 13 Question 2 2 points All, Basel and Ziad are sharing income and loss in a 4.3.2 ratio respectively and decided to

10 11 12 13 Question 2 2 points All, Basel and Ziad are sharing income and loss in a 4.3.2 ratio respectively and decided to liquidate their partnership. Pnor to the final distribution of cash to the partners. All has a capital balance of $(10,000), Basel has a capital balance of $24,000, and Ziad has a capital balance of $36,000. Also, cash balance is $50,000. All is NOT able to pay the amount he owes the partnership. Which of the following two journal entries are right to record this liquidation case? OA Basel Capital 4,000 Ziad Capital 6,000 All Capital 10,000 Basel capital 18.000 Ziad capital 32,000 Cash 50,000 OB Basel Capital 6,000 Ziad Capital 4,000 All Capital 10,000 Basel capital 32,000 Ziad capital 18,000 Cash 50,000 OC Basel Capital 5,000 Ziad Capital 5,000 All Capital 10,000 19.000 50,000 Cash OC. Basel Capital 5,000 Ziad Capital 5,000 Ali Capital 10,000 Basel capital 19,000 Ziad capital 31,000 Cash 50,000 OD. Basel Capital 6,000 Ziad Capital 4,000 Ali Capital 10,000 Basel capital 18,000 Ziad capital 32,000 Cash 50,000 A Moving to another question will save this response

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Wiley Gaap Interpretation And Application Of Generally Accepted Accounting Principles 2009

Authors: Barry J. Epstein, Ralph Nach, Steven M. Bragg

1st Edition

0470286067, 978-0470286067

More Books

Students also viewed these Accounting questions

Question

Identify the potential uses of molecular genetics research.

Answered: 1 week ago

Question

3. Who would the members be?

Answered: 1 week ago

Question

What was the role of the team leader? How was he or she selected?

Answered: 1 week ago