A Base and Zad are sharing income and loss in a 4:3:2 ratio respectively and decided to liquidate their partnership. Prior to the final distribution of cashto the partners. All has a capital balance of $(10,000), Basel has a capital balance of $24,000, and Ziad has a capital balance of $36,000. Also, cashbalance is $50,000. All is NOT able to pay the amount he owes the partnership?Which of the following two journal entries are right to record this liquidation case6,0004,000Basel Capital A OZiad CapitalAll Capital10,00018,000Basel capital32,000Ziad capitalCash50,0004,000Basel Capital BOZiad Capital6,00010,000All Capital18,000Basel capital32,000Ziad capital50,000CashBasel Capital COZlad CapitalAll CapitalBasel capitalZiad capitalCashBasel Capital .D OZiad CapitalAli CapitalBasel capitalZiad capitalCash50,00010,00050,00010,00050,000السؤال 66,0004,00032,00018,0005,0005,00019,00031,000

The partnership comes into existence when two or more persons agree to do the business and further…

to the partners All has a capital balance of $(10,000), Basel has a A Base and Ziad are sharing income and loss in a 4:3:2 ratio respectively and decided to liquidate their partnership. Prior to the final distribution of cash capital balance of $24,000, and Ziad has a capital balance of $36,000. Also, cash balance is $50,000. All is NOT able to pay the amount he owes the partnership following two journal entries are right to record this liquidation case

to the partners All has a capital balance of $(10,000), Basel has a A Base and Ziad are sharing income and loss in a 4:3:2 ratio respectively and decided to liquidate their partnership. Prior to the final distribution of cash capital balance of $24,000, and Ziad has a capital balance of $36,000. Also, cash balance is $50,000. All is NOT able to pay the amount he owes the partnership following two journal entries are right to record this liquidation case

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 65P

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A Base and Zad are sharing income and loss in a 4:3:2 ratio respectively and decided to liquidate their partnership. Prior to the final distribution of cash to the partners. All has a capital balance of $(10,000), Basel has a capital balance of $24,000, and Ziad has a capital balance of $36,000. Also, cash balance is $50,000. All is NOT able to pay the amount he owes the partnership ?Which of the following two journal entries are right to record this liquidation case 6,000 4,000 Basel Capital A O Ziad Capital 10,000 All Capital 18,000 Basel capital 32,000 Ziad capital Cash 50,000 4,000 Basel Capital B O Ziad Capital 6,000 10,000 All Capital 18,000 32,000 Basel capital Ziad capital Cash 50,000 Basel Capital .CO Ziad Capital All Capital Basel capital Ziad capital Cash Basel Capital .D O Ziad Capital Ali Capital Basel capital Ziad capital Cash 50,000 10,000 50,000 10,000 50,000 السؤال 6 6,000 4,000 32,000 18,000 5,000 5,000 19,000 31,000
David Oliver and Umar Ansari, with capital balances of $28,000 and $35,000, respectively,decide to liquidate their partnership. After selling the noncash assets and paying the liabilities, there is $67,000 of cash remaining. If the partners share income and losses equally, how should the cash be distributed?
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