Jane castle and sean are dissolving their partnershiptheir

Reference no: EM13585646

jane, castle and sean are dissolving their partnership.Their partnership agreement allocates each partner and equal share of all income and losses.the current period's ending capital account balances are Jane, $54,000; Castle $42,000 and Sean $6,000. After all assets are sold and liabilities are paid, there is $90,000 in cash to be distributed. Sean is unable to pay the deficiency. the journal entry to record the distribution should be:
a. Debit cast $90,000, debit sean, Capital $6,000, credit Jane, Capital $54,000, credit Castle, Capital $42,000

b. Debit Jane, Capital $54,000; debit Castle, Capital $36,000; credit cash $90,000

c. Debit Jane, Capital $54,000; debit Castle, Capital $42,000; credit cash $96,000

d. Debit cash $90,000; credit Jane, capital $30,000; credit Castle, Capital $30,000; credit Sean, Capital $30,000.

e. Debit Jane, Capital $51,000; debit Castle, Capital $39,000; credit cash $90,000

Reference no: EM13585646

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