The ABC Partnership is in the process of liquidation. The account balances prior to liquidation are given below:

The partners share profits in the following ratio: Amos, 1/5; Boone, 2/5; Childs, 2/5.

Required:
Prepare a schedule showing the calculations of the distribution of cash under the Uniform Partnership Act, assuming that all three partners have personal liabilities in excess of their personalassets.

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Debits Credits Cash Amos, Drawing Boone, Drawing Childs, Drawing Operating Loss Liquidation Loss 72,000 10,000 15,000 20,000 21,000 12,000 $150,000 Liabilities Boone, Loan Childs, Loan Amos, Capital Boone, Capital Childs, Capital $ 40,000 8,000 25,000 49,000 18,000 10,000 $150,000