The following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share profits and losses in the ratio of $4$:$3$:$3,$ respectively:

Cash $ $86,000$ Accounts payable $ $136,000$

Other assets $780,000$ Zahiri, loan $47,000$

Gulian, loan $37,000$ Gulian, capital $310,000$

Singh, capital $210,000$

Zahiri, capital $200,000$

Total assets $ $903,000$ Total liabilities and capital $ $903,000$

Required:

The partners decide to liquidate the partnership. Fifty percent of the other assets are sold for $$270,000.$ Prepare a proposed schedule of liquidation at this point in time.

The following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share profits and losses in the

ratio of $4$:$3$:$3,$ respectively:

Required:

The partners decide to liquidate the partnership. Fifty percent of the other assets are sold for $$270,000.$ Prepare a proposed

schedule of liquidation at this point in time.

Note: Amounts to be deducted should be entered with a minus sign.