Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

4 of estion Mazan Nader and Majed are three partners they decide to liquidate the partnerships on 31/12/2018 the Balance sheet on the same date

image text in transcribed

4 of estion Mazan Nader and Majed are three partners they decide to liquidate the partnerships on 31/12/2018 the Balance sheet on the same date as follows Assets Amount Labilities & owner Amount equity Cash 80,000 Accounts payable 110,000 Accounts Receivable 40,000 Mazan Capital (409640,000 Inventory 90,000 Nader Capital (309) 30,000 Equipment 60,000 Maled capital (309) 90,000 Total 270,000 Total 270,000 During the month of January 2019 1 $34,000 were collected from accounts receivable 2 The equipment of book value 30.000 sold for cash $20,000 3 Liquidation expense $1,000 was pald. Instructions: 1 Prepare liquidation statements for the month of banuary 2019 2) Prepare the safe payment schedules for lanuary 2019

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_2

Step: 3

blur-text-image_3

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

Frank Woods Business Accounting Volume 2

Authors: Frank Wood, Alan Sangster

10th Edition

0273693107, 978-0273693109

More Books

Students explore these related Accounting questions