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6. The PJB Partnership is to be liquidated when the ledger shows the following balances:...

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6. The PJB Partnership is to be liquidated when the ledger shows the following balances: Cash Land Accounts Payable Phillip, Capital Johnny, Capital Bob, Capital $ 10,000 160,000 50,000 70,000 20,000 30,000 The partners share income and losses equally. Required: (a) Prepare the journal entries to record the liquidation of the partnership assuming that the Land is sold for $85,000 in cash and that any partner with a capital deficiency has personal assets to cover the deficiency. (b) Prepare the journal entries that would change assuming that any partner's capital deficiency cannot be paid to the partnership

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