The partnership of Raja, Prince, and Lugal has experienced operating losses for three consecutive years. The partners—who have shared profits and losses in the ratio of Raja, 15%; Prince, 60%; and Lugal, 25%—are liquidating the business. They ask you to analyze the effects of liquidation. They present the following condensed partnership balance sheet at December 31, the end of the current year:
Requirement
1. Journalize the liquidation transactions.
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