The pipes company at 31/12/2019 has cash $250,000, non-cash assets $750,000, liabilities $310,000, and the...
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The pipes company at 31/12/2019 has cash $250,000, non-cash assets $750,000, liabilities $310,000, and the following capital balances: Samar $340,000 and Qatar $350,000. The Firm is liquidated, and $700,000 in cash is received for the non-cash assets, Samar & Qatar income ratios 65%and 35% respectively. The journal entry for the sale of non-cash assets is:
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