I started it but I need help finishing this: -The land and buildings were sold for 180,000 and any partners with a resulting deficits can and do pay the amount of their deficits Nicholas Jay, Kamla Paul, and Stephanie Ram plan to liquidate their partnership. They have always shared losses and gains in a 1:4:5ratio, and on the day of the liquidation their balance sheet appeared as follows:The Jaijairam CompanyBalance SheetDecember 20, 2016AssetsLiabilities and Owners' EquityCash$61,000Notes Payable$91,000Land204,000Nicholas Jay, Capital74,000Buildings186,000Kamla Paul, Capital206,000Stephanie Ram, Capital80,000Total Assets$451,000Total Liabilities & Owners' Equity$451,000 (To allocate the loss or gain on realization to partners)20Notes PayableCash2020(To record payment of the capital deficiency by Stephanie)20(To record payment of partnership liability)(To record distribution of cash to partners)9100091000

Partnership means where two or more person come together to form the business and share profit and…

Answered: Balance Sheet December 20, 2016…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Balance Sheet December 20, 2016 Liabilities and Owners' Equity $61,000 Notes Payable $91,000 204,000 Nicholas Jay, Capital 74,000 186,000 Kamla Paul, Capital 206,000