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The halanes sheet of Paul. John. and Harry's firm as of 30 June 2023 is below. Paul, John and Harry share profits in the ratio
The halanes sheet of Paul. John. and Harry's firm as of 30 June 2023 is below. Paul, John and Harry share profits in the ratio of 1:2:3. They have decided to liquidate the partnership immediately. The equipment was sold for $120,000. The accounts receivable was duly received in cash. The accounts payable and other liabilities were paid off at book value. Required: a Prepare the partnership liquidation table for the partnership. b. Prepare the journal to record the equipment sale and cash distribution to partners
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