Requirements 1. Prepare the June 30 entries to close the revenue, expense, income summary, and withdrawal accounts. 2. Open each partners capital T-account with the adjusted balance, post the closing entries to their accounts, and determine each partners ending capital balance. 3. Prepare the June 30 entries to liquidate the partnership assuming the non-cash assets are sold for $120,000.Allocating profits and losses to the partners, accounting for theliquidation of a partnership:

ABC is a partnership owned by Alders, Byron, and Calvin, who share profits andlosses in the ratio of 1:3:4. The account balances of the partnership at June 30 follow. **** Byron, Capital Balance is $52,250****

ABC

Adjust Trial Balance

June 30, 2014

Account Title	Debit	Credit
cash	$33,000
Non-cash Assets	117,000
Notes Payable		32,000
Alders, Captial		22,000
Byron, Capital		50,000
Calvin, Capital		53,000
Alders, Withdrawals	9,000
Byron, Withdrawals	27,000
Calvin, Withdrawals	49,000

Sales Revenue		164,000
Salaries Expense	74,000
Rent Expense	12,000
Total	321,000	321,000

Requirements: 1. Prepare the June 30 entries to close the revenue, expense, income summary, and withdrawal accounts. 2. Open each partners capital T-account with the adjusted balance, post the closing entries to their accounts, and determine each partners ending capital balance. 3. Prepare the June 30 entries to liquidate the partnership assuming the non-cash assets are sold for $120,000.