.The partnership of Able, Bower, and Cramer was liquidated. The partners have shared profits and losses in...

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.The partnership of Able, Bower, and Cramer was liquidated. The partners have shared profits and losses in the ratio of 2:4:4. Prior to liquidation, their capital balances were the following :

Able	Bower	Cramer
$10,000	$(5,000)	$(15,000)

* Deficit shown in parentheses

Cash totaled $20,000, with liabilities amounting to $30,000. A review of the individual partners' personal financial status reveals the following:

	Assets	Liabilities
Able	$ 5,000	$20,000
Baker	6,000	4,000
Cramer	30,000	20,000

Required:

Prepare a worksheet to liquidate the partnership.

Related Book For answer-question

Introduction to Financial Accounting

ISBN: 9781517089719

2nd edition

Authors: Henry Dauderis, David Annand

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Posted Date: Jan 28, 2022 08:14 AM

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.The partnership of Able, Bower, and Cramer was liquidated. The partners have shared profits and losses in...

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Answer Outstanding liabilities 3000000 LessSettlement by availab... View the full answer

Introduction to Financial Accounting

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