The Albert,Boynton,and Creamer partnership was in the process of liquidating its assets and going out of business.Albert,Boynton,and Creamer had capital account balances of $80,000,$120,000,and $200,000,respectively,and shared profits and losses in the ratio of 1:3:2.Equipment that had cost $90,000 and had a book value of $60,000 was sold for $24,000.
Required:
Prepare the appropriate journal entry.

Question

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The Answer of The Albert,Boynton,and Creamer partnership was in the process of liquidating its assets and going out of business.Albert,Boynton,and Creamer had capital account balances of $80,000,$120,000,and $200,000,respectively,and shared profits and losses in the ratio of 1:3:2.Equipment that had cost $90,000 and had a book value of $60,000 was sold for $24,000.
Required:
Prepare the appropriate journal entry.

The Albert,Boynton,and Creamer Partnership Was in the Process of Liquidating