The balance sheet of Ryan and Peter firm as on December 31, 2017, is given below. Ryan and Peter share profits in the ratio 3:2. They have decided to liquidate the partnership with immediate effect. They sold the furniture and equipment for $72,000. Which of the following is the correct journal entry for the sale transaction?

Question

The balance sheet of Ryan and Peter firm as on December 31, 2017, is given below.  Ryan and Peter share profits in the ratio 3:2. They have decided to liquidate the partnership with immediate effect. They sold the furniture and equipment for $72,000. Which of the following is the correct journal entry for the sale transaction?

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The Answer of The balance sheet of Ryan and Peter firm as on December 31, 2017, is given below.  Ryan and Peter share profits in the ratio 3:2. They have decided to liquidate the partnership with immediate effect. They sold the furniture and equipment for $72,000. Which of the following is the correct journal entry for the sale transaction?

The Balance Sheet of Ryan and Peter Firm as on December