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QUICKLY PLEASE NO TIME REMAINAING Question 7 Ali, Basel and Ziad are sharing income and loss in a 4:3.2 ratio respectively and decided to fiquidate
QUICKLY PLEASE NO TIME REMAINAING
Question 7 Ali, Basel and Ziad are sharing income and loss in a 4:3.2 ratio respectively and decided to fiquidate their partnership Prior to the final distribution of cash to the partners, Ali has a capital balance of $(30,000), Basel has a capital balance of $72,000, and Ziad has a capital balance of $108,000. Also, cash balance $150,000 All 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 18,000 Ziad Capital 12,000 All Capital 30,000 Basel capital 54,000 96,000 Ziad capital Cash 150,000 OB Basel Capital 18,000 Ziad Capital 12,000 All Capital 30,000 Basel capital 96,000 54,000 Ziad capital Cash 150,000 OC Basel Capital 15,000 Ziad Capital 15,000 30,000 Ali Capital 57,000 Basel capital hp Basel capital Ziad capital Cash OR Basel Capital Ziad Capital Basel capital Ziad capital Cash OC Basel Capital Ziad Capital Ali Capital Basel capital Ziad capital Cash OD Basel Capital Ziad Capital All Capital Basel capital Ziad capital Cash All Capital 54,000 96,000 18,000 12,000 96,000 54,000 15,000 15,000 57,000 93,000 12,000 18,000 54,000 96,000 30,000 150,000 30,000 150,000 30,000 150,000 30,000 150,000 Step by Step Solution
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