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Prepare entry to record the absorption of quaneys deficiency

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Reference no: EM131191192

Parsons Company wishes to liquidate the firm by distributing the company's cash to the three partners. Prior to the distribution of cash, the company's balances are: Cash $69,820; Oakley, Capital (Cr.) $48,770; Quaney, Capital (Dr.) $21,490; and Ellis, Capital (Cr.) $42,540. The income ratios of the three partners are 3 : 3 : 4, respectively.

REQUIRED:

Prepare the entry to record the absorption of Quaney's capital deficiency by the other partners and the distribution of cash to the partners with credit balances.

Reference no: EM131191192

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