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. Forty percent of the other assets are sold for $$100,000.$ Prepare a proposed schedule

of liquidation at this point in time.

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