PARTNERSHIP PARTC NOTE: CONSIDER THIS PART INDEPENDENT OF PARTNERSHIP PARTS A AND B On 31 December 2019, Mario, Luigi and Toad decide to liquidate the partnership. The ledger accounts have the following balances after closing entries: Cash at bank Non-Cash Assets $103500 Total Liabilities $171000 $364000 Mario, Capital $61000 Luigi, Capital $134000 Toad, Capital $101500 $467500 Total Liabilities and Equity $467500 Total Assets Additional Information i. The partnership agreement allocates profits to Mario, Luigi and Toad in the ratio of 6:2:2. ii. The non-cash assets were sold in a single transaction for $504000 on 31 December 2019, and the partnership settled the liabilities on the same day. iii. Any partner with a capital deficiency in their capital balance will contribute cash to cover their deficiency. Required: Fill out the general journal entries below to record the liquidation of the partnership. Instructions: 1. Include only the number in your answer. No comma separators or dollar signs. Otherwise, your answer will be deemed incorrect. Example of an answer. 12345 oled your answ DEBIT 1. Transfer assets to realisation Debit $ Credit Debit Capital deficiency Cash at bank Luigi, Capital Mario, Capital Non-cash assets Realisation Revaluation Toad, Capital Total assets Total liabilities Total liabilities and equity tners Transfer of profit/loss to Mario $ Credit Debit Credit Transfer of profit/loss to Luigi Debit Credit Transfer of profit/loss to Toad Debit $ Credit DEBIT 1. Transfer assets to realisation Debit Credit 2. Sale of assets > Debit $ Credit 3. Transfer of profit/loss to partners Transfer of profit/loss to Mario Debit Credit . Transfer of profit/loss to Luigi Debit . > Credit Transfer of profit/loss to Toad Debit . Credit 4. Payment of liabilities 4. Payment of liabilities Debit . $ Credit 5. Partners' contribution to cover any deficiency Mario's contribution to cover any deficiency Debit $ Credit Luigi's contribution to cover any deficiency Debit $ Credit Toad's contribution to cover any deficiency Debit $ Credit 6. Final payments to partners Final payment to Mario Debit $ Credit Debit $ Credit 3. Transfer of profit/loss to partners Transfer of profit/loss to Mario Debit Credit . Transfer of profit/loss to Luigi Debit . > Credit Transfer of profit/loss to Toad Debit . Credit 4. Payment of liabilities 4. Payment of liabilities Debit . $ Credit 5. Partners' contribution to cover any deficiency Mario's contribution to cover any deficiency Debit $ Credit Luigi's contribution to cover any deficiency Debit $ Credit Toad's contribution to cover any deficiency Debit $ Credit 6. Final payments to partners Final payment to Mario Debit $ Credit
