Table 12-11
Doug, Davis, and Dwight Are in the Process

question 120

Multiple Choice

Table 12-11
Doug, Davis, and Dwight are in the process of liquidating their partnership. They share profits and losses in a 5:3:2 ratio. Following is the current balance sheet for the partnership:
$\begin{array}{lcll}\text { Cash } & \$ 100,000 & \text { Liabilities } & \$ 55,000 \\\text { Other assets } & 225,000 & \text { Doug, canital } & 145,000\\&&\text { Davis, capital } & 50,000 \\&&\text { Dwight, capital } & 75,000\end{array}$ $\text { Total assets }\quad\$325,000\quad\quad\quad \text { Total liabilities and capital }\quad\$325,000$
-Refer to Table 12-11.If the other assets are sold for $250,000,to record the gain would include a:

• A) debit to Doug, Capital of $12,500
• B) credit to Other assets of $250,000
• C) credit to Davis, Capital of $7,500
• D) debit to Cash of $225,000

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