Question: EXERCISE#7:LIQUIDATION (CLOSING NET LOSS TO THE CAPITAL ACCOUNTS ) Sid. Olga and Louie are partners of SOL Resort. The firm has been in financialtrouble ever

EXERCISE#7:LIQUIDATION (CLOSING NET LOSS TO THE CAPITAL ACCOUNTS ) Sid. Olga and Louie are partners of SOL Resort. The firm has been in financialtrouble ever since floods battered the town a few years ago. The partners decided to liquidate on January 31. 2019 and gave you the following balances of the as at this date showed the following Profit or loss is distributed based on a 5:3:2 ratio after a monthly salary allowance ofP10.000 each partner.After the operation in January 2019.the other assels were sold for P90.000 . Their personal assets and (liabilities ) are as follows: Sid P75,000 (P50,000):0|ga P80,000 (P120.000): Louie P60.000 ( P 50.000 ) . DIRECTION A) Prepare the entry to close the net loss to the capital accounts. Change capital balances

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