Partners D, E and F decided to liquidate their partnership. A balanace sheet was prepare on this date as follows: DEF Partnership Balance sheet As of March 1, 2017 Cash 20,000 Accounts Payable 25,000 Other Assets 180,000 Loan Payable, E 5,000 D, Capital 50,000 E, Capital 45,000 F, Capital 75,000 200,000 200,000 Profits and Loses are divided in the ratio of 2:3:1, respectively. The non-cash assets were sold for 68,000. All the parties are solvent, except for E.

Partners D, E and F decided to liquidate their partnership. A balanace sheet was prepare on this date as follows: DEF Partnership Balance sheet As of March 1, 2017 Cash 20,000 Accounts Payable 25,000 Other Assets 180,000 Loan Payable, E 5,000 D, Capital 50,000 E, Capital 45,000 F, Capital 75,000 200,000 200,000 Profits and Loses are divided in the ratio of 2:3:1, respectively. The non-cash assets were sold for 68,000. All the parties are solvent, except for E.

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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