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The ABC Partnership is in the process of liquidation. The account balances prior to liquidation are given below: Debits Cash Amos, Drawing Boone, Drawing Childs,
The ABC Partnership is in the process of liquidation. The account balances prior to liquidation are given below: Debits Cash Amos, Drawing Boone, Drawing Childs, Drawing Operating Loss Liquidation Loss $72,000 11,000 17,000 19,000 21,000 13,000 $153,000 Credits Liabilities $40,000 Boone, Loan 8,000 Childs, Loan 23,000 Amos, Capital 49,000 Boone, Capital 20,000 Childs, Capital 13,000 $153,000 The partners share profits in the following ratio: Amos, 1/5; Boone, 2/5; Childs, 2/5. Prepare a schedule showing the calculations of the distribution of cash under the Uniform Partnership Act, assuming that all three partners have personal liabilities in excess of their personal assets. (Round answers to o decimal places, e.g. 5,125. Enter credit balance of an account and credit posting to an account with negative sign preceding the number, e.g. -45 or parentheses, e.g. (45).) (1/5) Amos (2/5) Boone (2/5) Childs UU0404
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