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14 All, Basel and Ziad are sharing income and loss in a 4:32 ratio respectively and decided to liquidate their partnership. Prior to the final
14 All, Basel and Ziad are sharing income and loss in a 4:32 ratio respectively and decided to liquidate their partnership. Prior to the final distribution of cash to the parters, 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 Ziad Capital 5,000 5,000 All Capital 10,000 Basel capital 19,000 Ziad capital 31,000 Cash 50,000 On Basel Capital 6,000 Ziad Capital 4,000 All Capital 10,000 Basel capital 32,000 Ziad capital Cash 18,000 50,000 OC Basel Capital 4,000 Ziad Capital 6,000 All Capital 10,000 Basel capital 18,000 Ziad capital 32,000 50,000 Cash OD Basel Capital 6,000 Ziad Capital 4,000 MacBook Air
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