mith, Brown and Easton (S, B & E) are partners with capital balances of $5...
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mith, Brown and Easton (S, B & E) are partners with capital balances of $5 000, $4 000 and $2 000 respectively and S, B &E share profits and losses 50 per cent, 25 per cent and 25 per cent respectively. The partners have decided to liquidate the partnership and manage to sell the non-cash assets for the carrying amount. The journal entry to finally liquidate the partnership would include the following except:
Credit Cash $11 000
Debit Smith, capital $5 000
Credit Easton, capital $2 000
Debit Brown, capital $4 000
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