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EKC Partnership decides to liquidate the company on 31 December 2020. The following balances appears in the records of the company: Cash Non-cash assets Liabilities
EKC Partnership decides to liquidate the company on 31 December 2020.
The following balances appears in the records of the company:
Cash Non-cash assets Liabilities Capital accounts: Emir Khan Chanyu
| 14,000 160,000 65,000
21,000 69,000 19,000 |
Profit sharing ratio | 15%, 60% and 25% |
The partnership is liquidated, and the assets are sold for $120,000
Required:
Prepare a schedule for cash payments and journalize the transactions.
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