Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2 points Save Answer Ali, Basel and Ziad are sharing income and loss in a 4:3:2 ratio respectively and decided to liquidate their partnership. Prior

2 points Save Answer Ali, Basel and Ziad are sharing income and loss in a 4:3:2 ratio respectively and decided to liquidate their partnership. Prior to the final distribution of cash to the partners, Ali has a capital balance of $(20,000), Basel has a capital balance of $48,000, and Ziad has a capital balance of $72,000. Also, cash balance is $100,000. Ali 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 10,000 15,000 Ali Capital 20,000 Basel capital 38,000 Ziad capital 62,000 Cash 100,000 O B. Basel Capital 12,000 Ziad Capital 8,000 Ali Capital 20,000 Basel capital 36,000 Ziad capital 64,000 100,000 Cash OC Basel Capital 12,000 Ziad Capital 8,000 Which of the following two journal entries are right to record this liquidation case? OA Basel Capital 10,000 Ziad Capital 15,000 Ali Capital 20,000 Basel capital 38,000 Ziad capital Cash OB. Basel Capital 62,000 100,000 12,000 Ziad Capital 8,000 Ali Capital 20,000 Basel capital 36,000 Ziad capital Cash 64,000 100,000 OC Basel Capital 12,000 Ziad Capital 8,000 Ali Capital 20,000 Basel capital 64,000 Ziad capital 36,000 Cash 100,000 OD. Basel Capital 8,000 Ziad Capital 12,000 Ali Capital 20,000 Basel capital 36,000 Ziad capital 64,000 Cash 100,000

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

Basic Principles Of Accounting A Guide For Toatal Beginners

Authors: Simon Udeh Andrew

1st Edition

979-8861488440

More Books

Students also viewed these Accounting questions