On January 1, 2013, the Partners of Won, Cadel, and Dax

question 13

Essay

On January 1, 2013, the partners of Won, Cadel, and Dax (who shared profits and losses in the ratio of 5:3:2, respectively) decided to liquidate their partnership. The trial balance at this date was as follows:
The partners planned a program of piecemeal conversion of the business assets to minimize liquidation losses. All available cash, less an amount retained to provide for future expenses, was to be distributed to the partners at the end of each month. A summary of liquidation transactions follows: Prepare a schedule to calculate the safe installment payments to be made to the partners at the end of February.

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Definitions:

Loam

A rich soil blend, containing a balance of silt, sand, and clay, along with organic matter.

Epiphytes

Plants that grow on other plants for physical support but do not derive nutrients from them, obtaining moisture and nutrients from the air, rain, and sometimes from debris accumulating around them.

Aerial Roots

Roots that are not buried in soil but instead hang in the air, found in certain plants, where they absorb moisture from the atmosphere and sometimes aid in attachment.

Soil PH

A measure of the acidity or alkalinity of soil, affecting nutrient availability, microbial activity, and plant growth.