Homework Answers
Assuming all Other Debts & Liabilities were paid
Balances in Capital Accounts of Partners are
A - 8000
B - 9000
C - 4000
Total - 21000
Therefore, Total Amount Payable to Partners = 21000 (Cash Available = 21000)
Thus, Entry for Final Distribution of Cash
Capital Account of A ---------------- Dr 8000
Capital Account of B ---------------- Dr 9000
Capital Account of C ---------------- Dr 4000
To Cash Account 21000
(Being Funds distributed to Partners as Final Settlement after Liquidation)
Note: Partners sharing Income Equally - statement would be helpful in arriving such Capital Balances in Partners account. But , Balances in Partners accounts are given after all such adjustments.
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