Shannon,Thomas,and Williman Are in a Partnership That Is Being Dissolved

question 142

Multiple Choice

Shannon,Thomas,and Williman are in a partnership that is being dissolved.The stated ratios of Shannon,Thomas,and William are 3:3:4,respectively.The partnership's assets are sold at a loss of $240,000.Which of the following is correct?

• A)Shannon's Capital account will be credited for $72,000.
• B)William's Capital account will be debited for $96,000.
• C)The Loss from Realization will be debited for $240,000.
• D)All of these choices.

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