Business, 22.05.2021 14:00 OliviaHart123

Reem, Shamma and Monira are partners in the RSM Company. They share profits in a 4:3:2 ratio respectively. The partners decide to liquidate on June 30, 2019. At the time of liquidation, the RMS balance sheet was as follows: Assets

Cash 20,000
Noncash Assets 75,000
Total Assets 95,000

Liabilities & Capital

Accounts Payable 60,000
Reem, Capital 20,000
Shamma, capital 10,000
Monira, capital 5,000
Total Liabilites & Capital 95,000

The non-cash assets sold for 30,000

Provide all the journal entries needed to record the events in liquidation. Assume Reem and Shamma are solvent, but Monira is insolvent

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Reem, Shamma and Monira are partners in the RSM Company. They share profits in a 4:3:2 ratio respect...

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