This paper circulates around the core theme of The Ace, Becker, and Cap partnership was in the process together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.
The Ace, Becker, and Cap partnership was in the process of liquidating its assets and going out of business. Ace, Becker, and Cap had capital account balances of $80,000, $120,000, and $200,000, respectively, and shared profits and losses in the ratio of 1:3:2. Equipment that had cost $90,000 and had a book value of $60,000 was sold for $24,000 cash.Required:Prepare the appropriate journal entry to record the sale of the equipment, distributing any gain or loss directly to the partners.