The following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share...

 

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The following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Gulian, loan, $ 80,000 750,000 31,000 Accounts payable Zahiri, loan Gulian, capital Singh, capital Zahiri, capital Total assets $ 861,000 Total liabilities and capital $ 280,000 41,000 250,000 150,000 140,000 $ 861,000 Required: The partners decide to liquidate the partnership. Fifty percent of the other assets are sold for $260,000. Prepare a proposed schedule of liquidation at this point in time. Note: Amounts to be deducted should be entered with a minus sign. GULIAN, SINGH, AND ZAHIRI Proposed Schedule of Liquidation Beginning balances Sold assets Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments Cash Other Assets Accounts Payable Gulian, Loan and Capital Singh, Capital Zahiri, Loan & Capital The following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Gulian, loan, $ 80,000 750,000 31,000 Accounts payable Zahiri, loan Gulian, capital Singh, capital Zahiri, capital Total assets $ 861,000 Total liabilities and capital $ 280,000 41,000 250,000 150,000 140,000 $ 861,000 Required: The partners decide to liquidate the partnership. Fifty percent of the other assets are sold for $260,000. Prepare a proposed schedule of liquidation at this point in time. Note: Amounts to be deducted should be entered with a minus sign. GULIAN, SINGH, AND ZAHIRI Proposed Schedule of Liquidation Beginning balances Sold assets Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments Cash Other Assets Accounts Payable Gulian, Loan and Capital Singh, Capital Zahiri, Loan & Capital