The balance sheet of Ryan and Peter firm as on December 31,2017,is given below.
Ryan and Peter share profits in the ratio 3:2.They have decided to liquidate the partnership with immediate effect.They sold the furniture and equipment for $72,000.Which of the following is the correct journal entry for the sale transaction?
Definitions:
Inadequate
Lacking the quality or quantity required; insufficient for a purpose.
Self-Serving Bias
The common tendency to attribute successes to personal characteristics and failures to external factors, often to maintain self-esteem.
Actor-Observer Effect
The tendency to make internal attributions for the behavior of others and external attributions for our own behavior.
External Attributions
The process of attributing the cause of one's own or others' behavior to external factors, such as the situation or other people, rather than to internal characteristics.
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