Khaled, Nada, and Mohsen share income and loss in a $3$:$2$:$1$ ratio. The partners have decided

to liquidate their partnership. On the day of liquidation, their balance sheet appears as

follows.

Balance Sheet

Assets

Required: Liquidate the partnership using the additional information below:

Supplies was sold for $1000,$ Inventory for $67,000,$ Machine for $60,000$ and Vehicle for

$3000.$

Partners share income and loss in a $3$:$2$:$1$ ratio

Assume for the partner with deficit that

$3\mathrm{.}1.$ Partner with deficit pay his deficit

$3\mathrm{.}2.$ Partner with deficits do not pay their deficits.

Show all the necessary journal entries to record the liquidation showing all your

calculations.