Question 1

Ying and Henry are in the process of liquidating their partnership. They have always shared income and losses in a 3:2 ratio. The account balances are as follows:

EXPLANATION CASH CAR ACCUMULATED ACCOUNTS YING HENRY DEP'N (CAR) PAYABLE CAPITAL CAPITAL BALANCES MAY 30/17 28,000 36,000 (19,500) 17,200 14,800 12,500