The partners of Arthur, Baker & Casey LLP decided to liquidate on April 1, 2006. The balance sheet of the partnership on April 1, 2006, follows, with the income-sharing ratio indicated parenthetically:
On April 1, 2006, the disposal of other assets with a carrying amount of $100,000 realized $70,000, and all available cash was distributed.
Prepare journal entries for Arthur, Baker & Casey LLP on April 1, 2006, to record the realization of the other assets and the distribution of available cash to creditors and to partners.

Question

The partners of Arthur, Baker & Casey LLP decided to liquidate on April 1, 2006. The balance sheet of the partnership on April 1, 2006, follows, with the income-sharing ratio indicated parenthetically:
  On April 1, 2006, the disposal of other assets with a carrying amount of $100,000 realized $70,000, and all available cash was distributed.
Prepare journal entries for Arthur, Baker & Casey LLP on April 1, 2006, to record the realization of the other assets and the distribution of available cash to creditors and to partners.

Quizplus · Accepted Answer

The Answer of The partners of Arthur, Baker & Casey LLP decided to liquidate on April 1, 2006. The balance sheet of the partnership on April 1, 2006, follows, with the income-sharing ratio indicated parenthetically:
  On April 1, 2006, the disposal of other assets with a carrying amount of $100,000 realized $70,000, and all available cash was distributed.
Prepare journal entries for Arthur, Baker & Casey LLP on April 1, 2006, to record the realization of the other assets and the distribution of available cash to creditors and to partners.

The Partners of Arthur, Baker & Casey LLP Decided to Liquidate