Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

amounts Ahmad, Khaled and Ali are three partners in partnerships, divided profit and loss 1-22 respectively, on 31/12/2018 they agrees to liquidate the partnerships on

image text in transcribed

amounts Ahmad, Khaled and Ali are three partners in partnerships, divided profit and loss 1-22 respectively, on 31/12/2018 they agrees to liquidate the partnerships on the same dates the Balance Sheet as follows Assets amount Liabilities &Capital cash 10,000 Accounts payable 20,000 Non cash assets 45,000 Ahmad capital 11,000 Khaled capital 8,500 Ali capital 15.500 total 55,000 total 55.000 Others information:- 1- All non-cash assets are sold cash for $30,000 2-Liquidation expenses are paid for cash $10,000 3-Khaled are insolvent partners 4- All liabilities are paid cash Instructions: prepare the liquidation statements

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions