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Q: Allocating profits and losses to the partners, accounting for the liquidation of a partnership
ABC is a partnership owned by Alders, Byron, and Calvin, who share profits and losses in the ratio of 1:3:4. The account balances of the partnership at June 30 follow.
1. Prepare the June 30 entries to close the revenue, expense, income summary, and withdrawal accounts.
2. Open each partner's capital T-account with the adjusted balance, post the closing entries to their accounts, and determine each partner's ending capital balance.
3. Prepare the June 30 entries to liquidate the partnership assuming the non-cash assets are sold for $120,000.
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