BELL, MANN AND SCOTT PARTNERSHIP | ||||||
Statement of Partnership Liquidation | ||||||
Particulars | Cash | Non cash assets | Liabilities | Bell, Capital(50%) | Mann, Capital(30%) |
Scott, Capital(20%) |
Beginning balances | 97000 | 745000 | 489000 | 165000 | 115000 | 73000 |
Sale of non-cash assets | 485000 | (585000) | (50000) | (30000) | (20000) | |
Pay liabilities | (140000) | (170000) | 15000 | 9000 | 6000 | |
Sale of remaining non cash assets | 130000 | (160000) | (15000) | (9000) | (6000) | |
Pay remaining liabilities | (319000) | (319000) | ||||
Pay liquidation expenses | (23000) | |||||
Subtotal | $ 230000 | $ 0 | $ 0 | $ 115000 | $ 85000 | $ 53000 |
Distribution to partners | $ (230000) | $ 115000 | $ 69000 | $ 46000 | ||
Ending balances | $ 0 | $ 0 | $ 0 | $ 230000 | $ 154000 | $ 99000 |
Problem 15-12 (Algo) (LO 15-3) A partnership has the following account balances at the date of...
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $45,600, $65,100, and $28,800, respectively. Cash, noncash assets, and liabilities total $74,700, $120,300, and $55,500, respectively. Between July 1 and July 29, the noncash assets are sold for $96,300, 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. Prepare a statement of...
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $24,300 534,800, and $15,300, respectively. Cash, noncash assets, and liabilities total $36,000, 564,200, and $25,800, respectively. Between July and July 29, the noncash assets are sold for $51,600, 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. Prepare a statement of partnership...
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $25,500, $36,000, and $16,200, respectively. Cash, noncash assets, and liabilities total $38,400, $66,900, and $27,600, respectively. Between July 1 and July 29, the noncash assets are sold for $53,700, 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. Prepare a statement of...
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 $42,900, $61,200, and $27,000, respectively. Cash, noncash assets, and liabilities total $69,000, $113,100, and $51,000, respectively. Between July 1 and July 29, the noncash assets are sold for $90,300, 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 $30,300, $43,200, and $19,200, respectively. Cash, noncash assets, and liabilities total $50,100, $80,100, and $37,500, respectively. Between July 1 and July 29, the noncash assets are sold for $63,900, 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 $36,300, $51,600, and $23,100, respectively. Cash, noncash assets, and liabilities total $59,100, $95,700, and $43,800, respectively. Between July 1 and July 29, the noncash assets are sold for $76,500, 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 $39,600, $56,100, and $24,900, respectively. Cash, noncash assets, and liabilities total $59,400, $104,100, and $42,900, respectively. Between July 1 and July 29, the noncash assets are sold for $83,100, 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 $23,700, $33,600, and $15,000, respectively. Cash, noncash assets, and liabilities total $36,000, $62,400, and $26,100, respectively. Between July 1 and July 29, the noncash assets are sold for $49,800, 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 $36,000, $51,000, and $22,800, respectively. Cash, noncash assets, and liabilities total $57,300, $94,500, and $42,000, respectively. Between July 1 and July 29, the noncash assets are sold for $75,300, 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 $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....