Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Click Submit to cumplete this assetament Question 16 Q1616 2 pois All, Basel and Ziad are sharing income and loss in a 4:32 ratio

image text in transcribedimage text in transcribed

Click Submit to cumplete this assetament Question 16 Q1616 2 pois 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 $(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. 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? COA Basel Capital Ziad Capital All Capital Basel capital Ziad capital Cash On Basel Capital Ziad Capital 8,000 12,000 20,000 36,000 64,000 100,000 12,000 8.000

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_2

Step: 3

blur-text-image_3

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 Reporting & Analysis Using Financial Accounting Information

Authors: Charles H. Gibson

11th edition

324657420, 978-0324657425

More Books

Students also viewed these Accounting questions

Question

How to Calculate the Correlation Coefficient

Answered: 1 week ago