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After liquidating noncash assets and paying creditors, account balances in the ABC Co are A's Share Capital (Cr) $8,000, B's Share Capital (Cr) 57.000,
"After liquidating noncash assets and paying creditors, account balances in the ABC Co are A's Share Capital (Cr) $8,000, B's Share Capital (Cr) 57.000, and C's Share Capital (C) 54 000 The parthens share income equally. The credit side entry is made by the partnership for this transaction is 0 As Share Capital 0000 Cash 10000 O O B's Share Capital 7000) C's Share Capital 4000
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Financial Accounting Theory and Analysis Text and Cases
Authors: Richard G. Schroeder, Myrtle W. Clark, Jack M. Cathey
10th edition
470646284, 978-0470646281
