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All. Basel and Ziad are sharing income and loss in a 43-2 ratio respectively and decided to liquidate their partnership. Prior to the final
All. Basel and Ziad are sharing income and loss in a 43-2 ratio respectively and decided to liquidate their partnership. Prior to the final distribution of cash to us partners. Al 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 All Capital 20,000 Ziad capital Basel capital 38,000 62,000 Cash 100,000 On Basel Capital 12,000 Ziad Capital 8,000 All Capital 20,000 Basel capital 64,000 Ziad capital Cash OC Basel Capital 36,000 100,000 12,000 Ziad Capital 8,000 All Capital 20,000 Basel capital 36,000 Ziad capital 64,000 Cash 100,000 OD Basel Capital 8,000 Ziad Capital 12,000 Ali Capital 20,000 Basel capital 36,000 Ziad capital 64,000 100,000 Cash
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