Liquidation of Partnership 3) The YES Partnership is owned by Owners Y, E and S. It is to be liquidated. Their income ratios are 6:3:1 respectively. Cash Noncash Assets Liabilities 15,000 80,000 20,000 Y, Capital E, Capital S, Capital 30,000 40,000 5,000 a) Prepare the journal entry to sell noncash assets for $50,000 b) Allocate loss or gain to owners. c) Pay liabilities. d) Pay the owner's the remaining cash.