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Larry, Moe, and Curly who share in income and losses in the ratio of 2:5, decided to discontinueoperations as of April 30, 2013, and liquidate their...
Larry, Moe, and Curly who share in income and losses in the ratio of 2:3:5, decided to discontinueoperations as of April 30, 2013, and liquidate their partnership. After the accounts were closed on April30, 2013, the following trial balance was prepared:Larry, Moe, and CurlyPost-Closing Trial BalanceApril 30, 2013DEBIT CREDITBALANCES BALANCESCash 8,000Noncash Assets 107,800Liabilities 35,700Larry, Capital 13,140Moe, Capital 25,110Curly, Capital 41,850__ _____________________$115,800 $115,800_______________________Between May 1 and May 18, the noncash assets were sold for $36,800, and the liabilities were paid.INSTRUCTIONS:1. Assuming that the partner with the capital deficiency pays the entire amount owed to thepartnership, prepare a statement of partnership liquidation.2. Journalize the entries to record:a). the sale of assets.b). the division of loss on the sale of assets.c). the payment of liabilities.d). the receipt of the deficiencye). the distribution of cash to the partners.
