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Time limet 20 minutes All, Basel and Ziad are sharing income and loss in a 4:3.2 ratio respectively and decided to liquidate their partnership Prior
Time limet 20 minutes
All, Basel and Ziad are sharing income and loss in a 4:3.2 ratio respectively and decided to liquidate their partnership Prior to the final distribution of cash to the partners, Al has a capital balance of $(20,000), Basel has a capital balance of $48,000, and Ziad has a capital balance of $72.000. Also, cash balance is $100,000 All is NOT able to pay the amount he owes the partnership. Which of the following two journal entries are right to record this liquidation case? OA Basel Capital 12,000 8,000 Ziad Capital All Capital 20,000 Basel capital Ziad capital Cash 100,000 B Basel Capital Ziad Capital 20,000 All Capital Basel capital Ziad capital Cash 100,000 64,000 36,000 10,000 15,000 38,000 62,000 O B. Basel Capital Ziad Capital Ali Capital Basel capital Ziad capital Cash OC. Basel Capital Ziad Capital Basel capital Ziad capital Cash O D. Basel Capital Ziad Capital Ali Capital Basel capital Ziad capital Cash Ali Capital 10,000 15,000 38,000 62,000 12,000 8,000 36,000 64,000 8,000 12,000 36,000 64,000 20,000 100,000 20,000 100,000 20,000 100,000 Step by Step Solution
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