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Q1. The partnership of Able, Bower, and Cramer was liquidated. The partners have shared profits...

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Q1. 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 $15,000) S( 1 5,000) 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 S20,000 Baker 6,000 4,000 Cramer 30,000 20,000 Required Prepare a worksheet to liquidate the partnership ANS

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