Question
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
Statement of Partnership Liquidation
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $23,700, $33,600, and $15,000, respectively. Cash, noncash assets, and liabilities total $36,000, $62,400, and $26,100, respectively. Between July 1 and July 29, the noncash assets are sold for $49,800, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1.
Prepare a statement of partnership liquidation for the period July 1-29. Enter any subtractions (balance deficiencies, payments, cash distributions, divisions of loss, sale of assets) as negative numbers using a minus sign. If an amount is zero, enter in "0".
| Gold, Porter, and Sims | ||||||
| Statement of Partnership Liquidation | ||||||
| For the Period Ending July 1-29 | ||||||
| Cash + | Noncash Assets = | Liabilities + | Capital Gold (3/6) + | Capital Porter (2/6) + | Capital Sims (1/6) | |
| Balances before realization | $ | $ | $ | $ | $ | $ |
| Sale of assets and division of loss | + | |||||
| Balances after realization | $ | $ | $ | $ | $ | $ |
| Payment of liabilities | ||||||
| Balances after payment of liabilities | $ | $ | $ | $ | $ | $ |
| Cash distributed to partners | ||||||
| Final balances | $ | $ | $ | $ | $ | $ |
Answers
Statement of Partnership Liquidation Cash Sims + Non Cash Assets = Liabilities + Gold 36000 + 624001 26100+1 49800 + -62400 85800+ 26100+ -26100+ -261001+ 59700 + -59700 + + Porter + 237001+ 33600+ -6300 + -4200+ 17400 + 29400 + Balances before realization Sale of assets and division of loss Balances after realization Payment of Liabilities Balances after payment of Liabilities | Cash distributed between partners Final Balances 15000 -2100 129001 - + - + 1 + 17400 + -174001+1 294001+ -29400+ 129001 -129001 +
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