Liquidation of Partnership 3) The YES Partnership is owned by

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.

Cash 15,000

Noncash Assets 80,000

Liabilities 20,000

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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