Reference no: EM13257338
Prior to process of liquidation, Matt, Nicole, and Otis have balances of 70,000, 20,000, and 30,000. Cash Balance of 10,000,noncash assets total 160,000, and liabilities total 50,000. Partners share income and losses at 2:2:1. journalize sold noncash assets for 80,000 cash, divide loss of realization, paid liabilites, received cash from partner with deficiency,distribute cash to partners.
I have up to Received cash from partner with deficiency and distribute cash to partners. That is where I am stuck.
Dr. Cash 80,000
Dr. Loss of Realization 80,000
Cr. Assets 160,000
Dr. Matt, Capital 32,000
Dr. Nicole, Capital 32,000
Dr. Otis, Capital 16,000
Cr. Loss of Realization 80,000
Dr. Liabilities 50,000
Cr. Cash 50,000
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