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

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Answer 1

Answer #1

Statement of partnership liquidation

For the period ending July 1- 29

	Cash	Non cash assets	liabilities	Capital, Gold	Capital, Porter	Capital, Sims
Balance before liquidation	60,000	101,400	43,800	38,400	54,900	24,300
sales of non cash assets and allocation of loss	81,000	- 101,400	0	- 10,200	- 6,800	- 3,400
new balances	141,000	0	43,800	28,200	48,100	20,900
payment of liabilities	- 43,800		- 43,800
new balances	97,200	0	0	28,200	48,100	20,900
cash distribution to partners	- 97,200	0	0	- 28,200	- 48,100	- 20,900
final balances	0	0	0	0	0	0

Loss on sale of non current assets = Book value of non current assets - Sale price

= 101,400 – 81,000

= $20,400

Loss to be shared by Gold = 20,400 x 3/6

= $10,200

Loss to be shared by Porter = 20,400 x 2/6

= $6,800

Loss to be shared by Sims = 20,400 x 1/6

= $3,400

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Answer 2

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