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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	Cash	Non Cash Assets	Liabilities	Capital Gold	Capital Portar	Capital Sims
Balances before realization	$68,400	$114,300	$50,100	$43,500	$61,800	$27,300
Sales of assets	$91,500	($114,300)	$0	($11,400)	($7,600)	($3,800)
Balances after realization	$159,900	$0	$50,100	$32,100	$54,200	$23,500
Payment of liabilities	($50,100)	$0	($50,100)	$0	$0	$0
Balances after payment of liabilities	$109,800	$0	$0	$32,100	$54,200	$23,500
Cash distributed to partners	($109,800)	$0	$0	($32,100)	($54,200)	($23,500)
Final balances	$0	$0	$0	$0	$0	$0

--Working

	Cash	Non Cash Assets	Liabilities	Capital Gold	Capital Portar	Capital Sims
Balances before realization	68400	114300	50100	43500	61800	27300
Sales of assets	91500	-114300	0	=-22800*3/6	=-22800*2/6	=-22800*1/6

Payment of liabilities	-50100	0	-50100	0	0	0

Cash distributed to partners	-109800	0	0	-32100	-54200	-23500

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Answer 2

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