q12

A, B and C are partners and sharing Income and loss in a 3:2:1 ratio respectively. They decided to liquidate the partnership. Before the final distribution of the remaining cash to the partners, A has a capital balance of $ (30.000), B has a capita balance of $72,000 and C has a capital balance of $48,000. Cash balance is $90,000. A paid the amount he owes the partnership, Required: Prepare journal entries to record the above liquidation process. YOUR ANSWER SHOULD BE IN THE FOLLOWING FORM; DO NOT USE BETWEEN NUMBERS: Dr. Cash 100000 Cr. Land 100000 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BI V S Paragraph Arial 10pt HII