Partnership agrees to dissolve the cash balance after

Reference no: EM13610247

Partnership agrees to dissolve. The cash balance after selling all assets and paying all liabilities is $60,000. The final capital account balances are: Sam $35,000; Nelson $29,000 and Ron ($4,000). Ron is unable to pay the capital deficiency. Prepare the journal entries to record the transactions required to dissolve the partnership.

Reference no: EM13610247

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