The partnership of X,Y, Z was liquidated.The partners shared profit and loss in the ratio of 2/4/4.Prior to liquidation their balances in capital were
X Capital $20,000
Y Capital ($10,000) deficit
Z Capital ($30,00) deficit
?
Cash totaled $40,000 and liabilities amounted to$60,000.The partner's personal finances indicated:
?
Instructions:
$$\begin{array} { | l | l | l | }
\hline & \text { Assets } & \text { Liabilities } \
\hline \mathrm { X } & \$ 10000 & \$ 40000 \
\hline \mathrm { Y } & \$ 12000 & \$ 8000 \
\hline \mathrm { Z } & \$ 60000 & \$ 40000 \
\hline & & \
\hline
\end{array}$$ Prepare a worksheet to show the liquidation:

Question

The partnership of X,Y, Z was liquidated.The partners shared profit and loss in the ratio of 2/4/4.Prior to liquidation their balances in capital were
X Capital $20,000
Y Capital ($10,000) deficit
Z Capital ($30,00) deficit
?
Cash totaled $40,000 and liabilities amounted to$60,000.The partner's personal finances indicated:
?
Instructions:
 $$\begin{array} { | l | l | l | } 
\hline & \text { Assets } & \text { Liabilities } \
\hline \mathrm { X } & \$ 10000 & \$ 40000 \
\hline \mathrm { Y } & \$ 12000 & \$ 8000 \
\hline \mathrm { Z } & \$ 60000 & \$ 40000 \
\hline & & \
\hline
\end{array}$$ Prepare a worksheet to show the liquidation:

Quizplus · Accepted Answer

The Answer of The partnership of X,Y, Z was liquidated.The partners shared profit and loss in the ratio of 2/4/4.Prior to liquidation their balances in capital were
X Capital $20,000
Y Capital ($10,000) deficit
Z Capital ($30,00) deficit
?
Cash totaled $40,000 and liabilities amounted to$60,000.The partner's personal finances indicated:
?
Instructions:
 $$\begin{array} { | l | l | l | } 
\hline & \text { Assets } & \text { Liabilities } \
\hline \mathrm { X } & \$ 10000 & \$ 40000 \
\hline \mathrm { Y } & \$ 12000 & \$ 8000 \
\hline \mathrm { Z } & \$ 60000 & \$ 40000 \
\hline & & \
\hline
\end{array}$$ Prepare a worksheet to show the liquidation:

The Partnership of X,Y, Z Was Liquidated Prepare a Worksheet to Show the Liquidation