The partnership of Raja, Prince, and Lugal has experienced opera

The partnership of Raja, Prince, and Lugal has experienced operating losses for three consecutive years. The partners'who have shared profits and losses in the ratio of Raja, 15%; Prince, 60%; and Lugal, 25%'are liquidating the business. They ask you to analyze the effects of liquidation. They present the following condensed partnership balance sheet at December 31, the end of the current year:


The partnership of Raja, Prince, and Lugal has experienced opera


Requirement
1. Journalize the liquidationtransactions.

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...