Liquidation schedule-positive capital accounts The ABC partnership reports the following condensed balance sheet: ...
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Accounting
Liquidation schedulepositive capital accounts
The ABC partnership reports the following condensed balance sheet:
The partners wish to liquidate the partnership. The noncash assets are sold for $ with the loss distributed to the partners in the ratio of to partner and
C respectively. The liabilities are paid in full. Prepare a schedule detailing the liquidation of the assets, repayment of the liabilities, and distribution of the remaining cash to the
partners.
HINT: Use a negative sign with answers that reduce account balances.
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