Question

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 $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.

   Prepare a statement of partnership liquidation for the period July 1-29. Enter any subtractions (balance deficiencies, payments, cash distributions, divisions of loss, sale of assets) as negative numbers using a minus sign. If an amount is zero, enter in "0".

   Gold, Porter, and Sims
   Statement of Partnership Liquidation
   For the Period Ending July 1-29
   	Cash +	Noncash Assets =	Liabilities +	Capital Gold (3/6) +	Capital Porter (2/6) +	Capital Sims (1/6)
   Balances before realization	$	$	$	$	$	$
   Sale of assets and division of loss	+
   Balances after realization	$	$	$	$	$	$
   Payment of liabilities
   Balances after payment of liabilities	$	$	$	$	$	$
   Cash distributed to partners
   Final balances	$	$	$	$	$	$

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Answer 1

Gold, Porter, and Sims Statement of Partnership Liquidation For the Period Ending July 1-29 Noncash Liabilities Capital Cash + Capital Porter (2/6) Assets = Gold (3/6) + Capital Sims (1/6) + Balances before realization Sale of assets and division of loss Balances after realization Payment of liabilities Balances after payment of liabilities Cash distributed to partners Final balances $ 69,000 $ 113,100 $ 51,000 $ 90,300 $ 113,100 $ 0 $ 159,300 $0 $ 51,000 -$ 51,000 $0 $ 51,000 $ 108,300 $0 $0 $ 108,300 $0 $0 $0 $ 0 $ 42,900 $ 11,400 $ 31,500 $0 $ 31,500 $ 31,500 $0 $ 61,200 $ 7,600 $ 53,600 $0 $ 53,600 $ 53,600 $0 $ 27,000 $ 3.800 $ 23,200 $0 $ 23,2001 $ 23.2001 $0 10