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Prepare a schedule of partnership liquidation for the month

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Question - The following balance sheet is for the partnership of Able, Brown, and Crown at November 1, 2019.

Assets Liabilities Cash $20,000

Accounts payable $50,000

Other assets 180,000

Partners' Capital Able, capital $37,000

Brown, capital 65,000

Crown , capital 48,000 150,000 $200,000 $200,000

CHAPTER TWELVE / Proprietorships and Partnerships First US Edition 549 The profit and loss sharing ratio is Able 40%; Brown: 40%, and Crown: 20%. The partnership is dissolved and liquidated during November by selling the other assets for $100,000 and paying off the creditors.

Required -

1. Prepare a schedule of partnership liquidation for the month ending November 30, 2019. Assume any capital deficiency is absorbed by the other partners.

2. Prepare the journal entries to record the dissolution.

Reference no: EM132875435

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