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PART I LIQUIDATING PARTNERSHIP- CAPITAL DEFICIENCY 1. ON NOVEMBER 30 2022, THE FIRM OF RUTH,...

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PART I LIQUIDATING PARTNERSHIP- CAPITAL DEFICIENCY 1. ON NOVEMBER 30 2022, THE FIRM OF RUTH, ROSE AND RAMON DECIDED TO LIQUIDATE THEIR PARTNERSHIP. THE PARTNERS HAVE CAPITAL BALANCES OF $58,000,$72,000 AND $10,000 RESPECTIVELY. THE CASH BALANCE IS $32,000, THE BOOK VALUE OF NONCASSH ASSETS TOTAL \$128,000 AND LIABILITIES TOTAL \$20,00. THE PARTNERS SHARE INCOME AND LOSSES IMTHE RATIO OF 52:2:151 1. PREPARE A STATEMENT OF LIQUIDATION 2. RECORD THE JOURNALS ENTRY 2. ASSUME THE NONCASH ASSETS ARE SOLD FOR $55,000 IN CASH. 1. PREPARE A STATEMENT OF LIQUIDATION 2. RECORD THE JOURNALS ENTRY

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