Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Blackboard xc Show o BB Question Completion Status MERCAM All, Basel and Ziad are sharing income and loss in a 4:32 ratio respectively and decided

Blackboard xc Show o BB Question Completion Status MERCAM All, Basel and Ziad are sharing income and loss in a 4:32 ratio respectively and decided to liquidate their partnership. Prior to the final distribution of cash to the partners, All has a capital balance of $30,000). Basel has a capital balance of $22.000, and Zad has a capital balance of $108,000 Also, cash balance is $150,000. All 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 Zad Capital 18,000 12,000 All Capital 30,000 Basel capital 54.000 Ziad capital 96.000 Cash 150,000 Basel Capital 15.000 Ziad Capital 15,000 All Capital 30,000 Baset capital 57.000 Ziad capital 93,000 Cash 150,000 OC Basel Capital 18,000 Zad Capital 12,000 All Capital 30.000 Basel capital Ziad capital 96.000 54,000 Cash 150,000 00 Basel Capital 12,000 Ziad Capital 10,000 All Capital 30.000 Basel capital 54,000 Ziad capital 90.000 Cash 150.000

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

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

Recommended Textbook for

Financial Management For Non Profit Organizations

Authors: Hani Bashier

1st Edition

979-8863129877

More Books

Students also viewed these Accounting questions