BTZ Company is liquidated when its ledger shows the assets, liabilities, and equity accounts amounts in thousands are presented as follows: BTZ Company is liquidated when its ledger shows the assets, liabilities, and equity accounts
amounts in thousands are presented as follows:
The partners of BTZ Company agree to liquidate the partnership on the following terms.
The partnership will sell its noncash assets to BLX Enterprises for HK$ cash.
The partnership will pay its partnership liabilities. The income ratios of the partners are ::
respectively.
BTZ distributes the remaining cash to the partners on the basis of their capital balances,
Question:
How do you record the sale of noncash assets?
How do you allocate the gainloss to the partners?
How do you record paying the creditors in full?
How do you record the distribution of cash?
