Accounting for the liquidation of a partnershipPrior to liquidation, the accounting record...

Accounting for the liquidation of a partnership

Prior to liquidation, the accounting records of Blazon, Carl, and Dove included the following balances and profit-and-loss percentages:

The partnership sold the noncash assets for $74,000, paid the liabilities, and gave the remaining cash to the partners.

Requirement

1. Journalize the sale of the assets, the payment of the liabilities, and the payment of the partners’ final capital balances.