On November 15 of the current year, the account balances in Greenscape Partnership were Cash $8,000; Other

Question:

On November 15 of the current year, the account balances in Greenscape Partnership were Cash $8,000; Other Assets $17,000; D. Dupuis, Capital $12,000; V. Dueck, Capital $10,000; and B. Veitch, Capital $3,000. The three partners share profit and losses equally. The other assets are sold for $20,000 cash. Prepare journal entries to

(a) Record the sale of the other assets,

(b) Distribute any resulting gain or loss to the capital accounts, and

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...