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.

Answer is not complete.