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Moe, Larry and Curly are liquidating their business. On the date of liquidation, the balance sheet was as follows: Assets: Cash Building Moe. Larry Curly,
Moe, Larry and Curly are liquidating their business. On the date of liquidation, the balance sheet was as follows: Assets: Cash Building Moe. Larry Curly, LLP Balance Sheet November 19, 2019 Liabilities: $ 30,000 Bonds Payable 450,000 Partners' Equity: Moe, Capital 100,000 Larry, Capital 40,000 Curly, Capital 20,000 $ 480,000 Total Liability & Partners' Equity $ 320,000 Total Assets 160,000 480,000 Additional data: 1) The Building was sold for $360,000. 2) Gains or losses are shared equally. 3) Any partner that has a deficit in their capital account does not have assets outside of the business. Required: Prepare the following journal entries to liquidate the partnership: Nov. 21 The selling of the building for cash. 21 The distribution of any gains or losses to the partners. 21 The distribution of any partner capital account with deficit(s). 24 The payment of the liability. 24 The distribution of cash to the partner(s). pts.) (pt) (3 pts)
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