Question
..A, B and C have a partnership and they decide to dissolve the partnership.They share profits and losses equally. The noncash assets are sold for
..A, B and C have a partnership and they decide to dissolve the partnership.They share profits and
losses equally.
The noncash assets are sold for $150,000.
Record all of the necessary journal entries to record the liquidation of the partnership
The balance sheet is given below.
Balance Sheet
Cash $10,000
Liabilities $30,000
Noncash assets 90,000
Total Assets $100,000
A, Capital 40,000
B, Capital 20,000
C, Capital 10,000
Total Liab. And Equity $100,000
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh
4th Canadian edition
978-1259269868, 978-1259103292
