The following balance sheet is for the partnership of Able, Brown, and Crown at November 1, 2016.

Question:

The following is for the of Able, Brown, and Crown at November 1, 2016.

The following balance sheet is for the partnership of Able,

The profit and loss sharing ratio is Able 40%; Brown: 40%, and Crown: 20%. The partnership is dissolved and liquidated during November by selling the other assets for $100,000 and paying off the creditors.
Required:
1. Prepare a schedule of partnership liquidation for the month ending November 30, 2016. Assume any capital deficiency is absorbed by the other partners.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Liquidation
Liquidation in finance and economics is the process of bringing a business to an end and distributing its assets to claimants. It is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations when they are due.... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...