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

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 $110,000. Prepare a
proposed schedule of liquidation at this point in time.
Note: Amounts to be deducted should be entered with a minus sign.
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