The partnership of Adcock , Villa , an a Davis decide to liquidate after all temporary accounts have been closed out and the partnership balance sheet is as follo Adcock , Villa , Davis & Company Balance Sheet February 2 , 2018 Assets $ 60 000 Accounts Receivable 40.000 Inventory 100.000 Plant Assets Net of Depreciation ) 10.090 Total Assets $400.090 Liabilities Accounts Payable $120.000 Partners Equity Adcock Capital 55.000 Villa Capital 125.000 Davis Capital 100.000 Total Liabilities & Partner Equity 540 0 090 Required Prepare Journal entries and ledger accounts (" - Accounts ) for the following activities allocations of profit / loss , and distribution of cash to each partner on liquidation under the following two assumption tions 1 . The following events took place during liquidation A . Collected $35 , 100 of accounts receivable , the remaining is uncollectible B . The inventory was sold for $1 10 000 cash C . The plant assets were sold for $90,100 . Plant assets have a historical cost of $450,000 and $250 000 of accumulated depreciation Profits and losses are allocated Adcock Villa , and Davis in a 3:3:4 ratio In the alternative to # I above , assume account receivable same as above the inventory was sold for $40,100 and plant assets are sold for $ 75 00 . Also assume , any partner with a deficit capital account does not have personal funds to cover the deficiency