Reference no: EM132842774
Question - Immediately prior to the process of liquidation, partners Paco, Peca, and Pito have capital balances of $80,000, $30,000, and $40,000 respectively. There is a cash balance of $10,000, noncash assets total $190,000, and liabilities total $50,000. The partners share net income and losses in the ratio of 50%, 35%, and 15% respectively.
Journalize the entries to record the liquidation outlined below, using Assets as the account title for the noncash assets and Liabilities as the account title for all creditors; claims.
1. Sold the noncash assets for $90,000 in cash.
2. Divided the loss on realization.
3. Paid the liabilities.
4. Received cash from the partner with the deficiency.
5. Distributed the cash to the partners.
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