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Question - The three partners of Crane Contractors agree to liquidate their partnership on August 8, 2021. At that point, the accounting records show the following balances:
Cash
$145,200
H. Brumby, capital
$240,600
Merchandise inventory
389,100
R. Criolio, capital
175,200
Notes payable
95,500
A. Paso, capital
23,000
The three partners share profit and loss equally.
Required - Journalize the liquidation of the partnership on August 8 under each of the following independent assumptions:
1. The merchandise inventory is sold for $418,491 cash, the note payable is paid, and the remaining cash is paid to the partners.
2. The merchandise inventory is sold for $297,000 cash and the note payable is paid. Assume that any partners with a debit capital balance pay the amount owed to the partnership.
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