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Hi, i need help solving this. if you could explain calculations that would be much appreciated. CP 12-5 The following balance sheet is for the
Hi, i need help solving this. if you could explain calculations that would be much appreciated.
CP 12-5 The following balance sheet is for the partnership of Able, Brown, and Crown at November 1, 2019. Assets Cash Other assets $ 50,000 Liabilities $ 20,000 Accounts payable 180,000 Partners' Capital Able, capital $37,000 Brown, capital 65,000 Crown, capital 48,000 $200,000 150,000 $200,000 CHAPTER TWELVE / Proprietorships and Partnerships First US Edition 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. 2. Prepare the journal entries to record the dissolution Step by Step Solution
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