Prepare Statemen of Liquidation Partners D, E and F decided to liquidate their partnership. A balanace sheet was prepare

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Prepare Statemen Of Liquidation Partners D E And F Decided To Liquidate Their Partnership A Balanace Sheet Was Prepare 1 (14.4 KiB) Viewed 30 times

Prepare Statemen of Liquidation Partners D, E and F decided to liquidate their partnership. A balanace sheet was prepared on this date as follows: DEF Partnership Balance sheet As of March 1, 2017 Cash Other Assets 20,000 180,000 Accounts Payable Loan Payable, E D, Capital E, Capital F, Capital 25,000 5,000 50,000 45,000 75,000 200,000 200,000 Profits and Loses are divided in the ratio of 2:3:1, respectively. The non-cash assets were sold for 68,000. All the parties are solvent, except for E.