Liquidation of Partnership
3) The YES Partnership is owned by Owners Y, E and S. It is to be liquidated. Their income ratios are 6:3:1 respectively.
Noncash Assets 80,000
Y, Capital 30,000
E, Capital 40,000
S, Capital 5,000
a) Prepare the journal entry to sell noncash assets for $50,000
b) Allocate loss or gain to owners.
c) Pay liabilities.
d)Pay the owner’s the remaining cash.
You can just copy paste the table to fill in, please help..
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