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The MC Partnership is to be liquidated when the ledger shows the following: A, B,...

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Question

Accounting

The MC Partnership is to be liquidated when the ledger shows the following:

A, B, C and D have capital balances of OMR 120,000, OMR 140,000, and OMR130,000,15000 respectively, and their income ratios are 1:2:3:4.

Instructions

Record the withdrawal of C from the partnership under each of the following assumptions:

1.C is paid 140,000 from partnership assets.

2. C is paid 168,000 from partnership assets.

3. Cis paid 105,000 from partnership assets.

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