The RAD Partnership is to be liquidated and the ledger shows the following: Reed, Ales, and Dent's profit ratios are 6:3:1 respectively.
Instructions
Prepare separate entries to record the liquidation of the partnership assuming that the noncash assets are sold for $ 50,000 in cash.

Question

The RAD Partnership is to be liquidated and the ledger shows the following:  Reed, Ales, and Dent's profit ratios are 6:3:1 respectively.
Instructions
Prepare separate entries to record the liquidation of the partnership assuming that the noncash assets are sold for $ 50,000 in cash.

Quizplus · Accepted Answer

The Answer of The RAD Partnership is to be liquidated and the ledger shows the following:  Reed, Ales, and Dent's profit ratios are 6:3:1 respectively.
Instructions
Prepare separate entries to record the liquidation of the partnership assuming that the noncash assets are sold for $ 50,000 in cash.

The RAD Partnership Is to Be Liquidated and the Ledger