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, the capital Liquidating Partnerships-Capital Deficiency Nettles, King, and Tanaka are partners sharing income 3:2:1. After the firms los

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#1 Part

	Cash	Non Cash Assets	Liabilities	Capital Gold	Capital Portar	Capital Sims
Balances before realization	$55,200	$96,600	$39,900	$36,600	$52,200	$23,100
Sales of assets	$77,400	($96,600)	$0	($9,600)	($6,400)	($3,200)
Balances after realization	$132,600	$0	$39,900	$27,000	$45,800	$19,900
Payment of liabilities	($39,900)	$0	($39,900)	$0	$0	$0
Balances after payment of liabilities	$92,700	$0	$0	$27,000	$45,800	$19,900
Cash distributed to partners	($92,700)	$0	$0	($27,000)	($45,800)	($19,900)
Final balances	$0	$0	$0	$0	$0	$0

#2 Part

	Nettles	King	Tanaka
Capital balances after realization	($18,000)	$66,000	$46,000
Distribution of partner deficiency [$18000 in ratio of 2:1]	$18,000	($12,000)	($6,000)
Capital balances after deficiency distribution	$0	$54,000	$40,000

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