High School G12 Accounting

Also include the caculation

Prepare the entries required to liquidate the partnership.

3. The Popcorn Partnership is liquidated when the ledger shows: Cash $83,000 Noncash Assets 55,000 Liabilities 48,000 Luke, Capital 80,000 Kristian, Capital 10,000 Luke and Kristian's income ratios are 3:2, respectively. The noncash assets are sold for $20,000. Assume that any partner's capital deficiencies cannot be paid to the partnership Instructions Prepare the entries required to liquidate the partnership. [12] Date Particulars DR CR PR