Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Moving to another question will save this response. Question 2 Question 2 of 14 2 points Ali, Basel and Ziad are sharing income and loss

Moving to another question will save this response. Question 2 Question 2 of 14 2 points Ali, Basel and Ziad are sharing income and loss in a 4:32 ratio respectively and decided to liquidate their partnership Prior to the final distribution of cash to the partners, Ali has a capital balance of $(20,000), Basel has a capital balance of $48,000, and Ziad has a capital balance of $72,000 Aho, cash balance is $100,000 Ali is NOT able to pay the amount he owes the partnership. Which of the following two journal entries are right to record this liquidation case? OA Basel Capital Ziad Capital 12,000 8,000 All Capital 20.000 Basel capital Ziad capital Cash OB Basel Capital 64,000 36,000 100.000 12.000 Ziad Capital 8,000 All Capital 20,000 Basel capital 36,000 Ziad capital Cash 64.000 100.000 OC Basel Capital 8,000 hp hour, 50 minutes, 59 seconds. Question Completion Status: OA Basel Capital 12,000 Ziad Capital 8,000 All Capital 20,000 Basel capital 64,000 Ziad capital 36,000 Cash 100,000 OB Basel Capital 12,000 Ziad Capital 8,000 Ali Capital 20,000 Basel capital 36,000 Ziad capital 64,000 Cash 100,000 OC Basel Capital 8,000 Ziad Capital 12,000 All Capital 20,000 Basel capital 36,000 Ziad capital Cash 64,000 100,000 OD Basel Capital 10.000 Ziad Capital 15,000 All Capital 20,000 Basel capital 38.000 Ziad capital 62.000 Cash 100,000 ? a 2 T # # * 3 T $ Q W E 4 47 L % 5 R 19 49 T

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cima Learning System Management Accounting Performance Evaluation Edition

Authors: Robert Scarlett

4th Edition

0750684305, 978-0750684309

More Books

Students also viewed these Accounting questions

Question

3. What are the three components of evidence-based practice?

Answered: 1 week ago