Homework Answers
A partnership firm must follow the below order for liquidation.
Steps are listed below;
1.Sell assets for cash and recognise gain or loss on sale of assets,
2. Distribute the gain or loss on sale of the above assets in their income sharing ratio,
3. Pay off the partnership liabilties in cash and
4. Distribute the cash amount remaining after paying off the liabilities in their capital account balances.
So this is the apt procedure for liquidating a partnership firm.
The answer for your question is Option a.
Thank you.
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Question 3 4 pts Liquidation of an existing partnership must be done in a precise order....
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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....
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