The partnership of Adcock , Villa , an a Davis decide to liquidate after all temporary accounts have been closed out and the partnership balance…

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The partnership of Adcock , Villa , ana Davis decide to liquidate after all temporary accounts havebeen closed out and the partnership balance sheet is as folloAdcock , Villa , Davis & CompanyBalance SheetFebruary 2 , 2018Assets$ 60 000Accounts Receivable40.000Inventory100.000Plant Assets Net of Depreciation )10.090Total Assets$400.090LiabilitiesAccounts Payable$120.000Partners EquityAdcock Capital55.000Villa Capital125.000Davis Capital100.000Total Liabilities & Partner Equity540 0 090RequiredPrepare Journal entries and ledger accounts (" – Accounts ) for the following activitiesallocations of profit / loss , and distribution of cash to each partner on liquidation under thefollowing two assumptiontions1 . The following events took place during liquidationA . Collected $35 , 100 of accounts receivable , the remaining is uncollectibleB . The inventory was sold for $1 10 000 cashC . The plant assets were sold for $90,100 . Plant assets have a historical cost of $450,000and $250 000 of accumulated depreciationProfits and losses are allocated Adcock Villa , and Davis in a 3:3:4 ratioIn the alternative to # I above , assume account receivable same as above the inventorywas sold for $40,100 and plant assets are sold for $ 75 00 . Also assume , any partnerwith a deficit capital account does not have personal funds to cover the deficiency

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