After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $26,700, $37,800, and $16,800, respectively. Cash, noncash assets, and liabilities total $41,400, $69,900, and $30,000, respectively. Between July 1 and July 29, the noncash assets are sold for $56,100, 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. Prepare a statement of partnership liquidation for the period July 1-29.
Statement of
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $26,700, $37,800, and $16,800, respectively. Cash, noncash assets, and liabilities total $41,400, $69,900, and $30,000, respectively. Between July 1 and July 29, the noncash assets are sold for $56,100, 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.
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".
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