Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Silver, Carillo, and Tingley are $29,700, $42,000, and $18,600, respectively. Cash, noncash assets, and liabilities total $45,300, $78,000, and $33,000, respectively. Between July 1 and July 29, the noncash assets are sold for $62,400, 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". Silver, Carillo, and Tingley Statement of Partnership Liquidation For the Period Ending July 1-29 Cash + Noncash Assets = Liabilities + Silver (3/6) + Carillo (2/6) + Tingley (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 $ $ $ $ $ $
Statement of
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Silver, Carillo, and Tingley are $29,700, $42,000, and $18,600, respectively. Cash, noncash assets, and liabilities total $45,300, $78,000, and $33,000, respectively. Between July 1 and July 29, the noncash assets are sold for $62,400, 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".
Silver, Carillo, and Tingley | ||||||
Statement of Partnership Liquidation | ||||||
For the Period Ending July 1-29 | ||||||
Cash + | Noncash Assets = | Liabilities + | Silver (3/6) + | Carillo (2/6) + | Tingley (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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