Homework Answers
Statement of partnership liquidation
|
Cash |
Non cash assets |
liabilities |
Capital, Gold |
Capital, Porter |
Capital, Sims | |
|
Balance before liquidation |
59,100 |
95,700 |
43,800 |
36,300 |
51,600 |
23,100 |
|
sales of non cash assets and allocation of loss |
76,500 |
- 95,700 |
0 |
- 9,600 |
- 6,400 |
- 3,200 |
|
new balances |
135,600 |
0 |
43,800 |
26,700 |
45,200 |
19,900 |
|
payment of liabilities |
- 43,800 |
- 43,800 |
||||
|
new balances |
91,800 |
0 |
0 |
26,700 |
45,200 |
19,900 |
|
cash distribution to partners |
- 91,800 |
0 |
0 |
- 26,700 |
- 45,200 |
- 19,900 |
|
final balances |
0 |
0 |
0 |
0 |
0 |
0 |
Loss on sale of non current assets = Book value of non current assets - Sale price
= 95,700 - 76,500
= $19,200
Loss to be shared by Gold = 19,200 x 3/6
= $9,600
Loss to be shared by Porter = 19,200 x 2/6
= $6,400
Loss to be shared by Sims = 19,200 x 1/6
= $3,200
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Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
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Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
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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 $45,000, $63,900, and $28,500, respectively. Cash, noncash assets, and liabilities total $69,300, $118,500, and $50,400, respectively. Between July 1 and July 29, the noncash assets are sold for $94,500, 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....
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 $38,400, $54,900, and $24,300, respectively. Cash, noncash assets, and liabilities total $60,000, $101,400, and $43,800, respectively. Between July 1 and July 29, the noncash assets are sold for $81,000, 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....
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 $25,800, $36,900, and $16,200, respectively. Cash, noncash assets, and liabilities total $42,000, $68,100, and $31,200, respectively. Between July 1 and July 29, the noncash assets are sold for $54,300, 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....
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 $41,400, $58,800, and $26,100, respectively. Cash, noncash assets, and liabilities total $61,800, $108,900, and $44,400, respectively. Between July 1 and July 29, the noncash assets are sold for $87,300, 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....
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 $25,200, $35,700, and $15,900, respectively. Cash, noncash assets, and liabilities total $37,200, $66,300, and $26,700, respectively. Between July 1 and July 29, the noncash assets are sold for $53,100, 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....
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 $45,000, $63,900, and $28,500, respectively. Cash, noncash assets, and liabilities total $69,300, $118,500, and $50,400, respectively. Between July 1 and July 29, the noncash assets are sold for $94,500, 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....
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 $45,000, $63,900, and $28,500, respectively. Cash, noncash assets, and liabilities total $69,300, $118,500, and $50,400, respectively. Between July 1 and July 29, the noncash assets are sold for $94,500, 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....
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