CP 125 The following balance sheet is for the partnership of Able, Brown, and Crown at November 1, 2019.

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CP 12-5 The following balance sheet is for the partnership of Able, Brown, and Crown at November 1, 2019 Assets Liabilities $ 20,000 Accounts payable $50,000 Cash Other assets 180,000 Partners' Capital $37,000 Able, capital Brown, capital Crown , capital 65,000 48.000 150,00 200,000 S200,000 The profit and loss sharing ratio is Able 40%; Brown: 40%, and Crown: 20%. The partnership is dissolved and liquidated during November by selling the other assets for $100,000 and paying off the creditors Required 1. Prepare a schedule of partnership liquidation for the month ending November 30, 2019. Assume any capital deficiency is absorbed by the other partners Prepare the journal entries to record the dissolution 2. CHAPTER TWELVE Proprietorships and Partnerships CP 12-5 Name 1. Statement of Partnership Liquidation Other assets Cash Liabilities Partners' capital CP 12-5 continued 2. a Date Description PR Debit Credit b. Date Description PR Debit Credit C. Date Description PR Debit Credit d. Date Description PR Debit Credit