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Prepare the appropriate journal entry for Selling of Assets

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Question - The Albert, Boynton, and Creamer partnership was in the process of liquidating its assets and going out of business. Albert, Boynton, and Creamer had capital account balances of $80,000, $120,000, and $200,000, respectively, and shared profits and losses in the ratio of 1:3:2. Equipment that had cost $90,000 and had a book value of $60,000 was sold for $24,000.

Required - Prepare the appropriate journal entry for Selling of Assets, Payment of Liabilities, and Settlement of Capital?

Reference no: EM132916089

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