After discontinuing the ordinary business operations and closing the accounts, the ledger of the partnership of isiah, jerry, and shannon indicated the following
noncash assests $74,000
Isiah, capital $17,500
John, Capital $15,500
Shannon, Capital $16,000
The partnership share net income int eh ration of 2:1:1. Between May 7-30, the noncash assets were sold fo r$14,000 theliabilites were paid and the remaining cash was distributed to the partners. All partners in a deficit position were able to find enough cash to cover the shortages.
Prepare a statement of partnership liquidation.
need answer in 30 minutes
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