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:

The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $200,000. Prepare a proposed schedule of liquidation at this point in time.

Transcribed Image Text:

Cash Other assets.. Gulian, loan Total assets. $ 90,000 820,000 30,000 $940,000 Accounts payable. Zahiri, loan ... Gulian, capital Singh, capital. Zahiri, capital Total liabilities and capital...... $210,000 40,000 300,000 200,000 190,000 $940,000