Non cash assets and liabilities

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Reference no: EM13257225

Immediately prior to the process of liquidation, partners Micco,Niccum, and Orwell have capital balances of $70,000, $20,000, and$30,000 respectively. There is a cash balance of $10,000,noncash assets total $160,000, and liabilities total $50,000. The partners share net income and losses in the ratio of 2:2:1.

Journalize the entries to record the liquidation outlined below,using Assets as the account title for the non cash assets and Liabilities as the account title for all creditors' claims.

(a)	Sold the noncash assets for $80,000 in cash.
(b)	Divided the loss on realization.
(c)	Paid the liabilities.
(d)	Received cash from the partner with thedeficiency.
(e)	Distributed the cash to the partners.

Reference no: EM13257225

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