Harry, Tony, and Liza run a partnership firm and share in the profits 1:3:2, respectively. In the process of liquidation, the partnership sells non-cash assets, having a book value of $83,000, for $81,000. What would be the journal entry for distribution to partners for the loss on the sale of the non-cash assets?
Harry, Tony, and Liza run a partnership firm and share in the profits 1:3:2, respectively. In the process of liquidation, the partnership sells non-cash assets, having a book value of $83,000, for $81,000. What would be the journal entry for distribution to partners for the loss on the sale of the non-cash assets?
Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations
Section: Chapter Questions
Problem 42P
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