Required: Prepare the final statement of partnership liquidation.
Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations
Section: Chapter Questions
Problem 4BCRQ
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Prepare the final statement of
Transcribed Image Text:The partnership of Maya, Nova, and Oscar was dissolved. By August 1, 2014, all assets had
been converted into cash and all partnership liabilities were paid. The partnership balance
sheet on August 1, 2014 (with partner residual profit and loss sharing percentages) was as
follows:
Cash
$100,000
Maya, capital (30%) $ 8,000
Nova, capital (20%) (120,000)
Oscar, capital (50%) _212,000
Total equity
Total assets
$100,000
$100,000
The value of partners' personal assets and liabilities on August 1, 2014 were as follows:
Maya
$148,000
Nova
$240,000 $112,000
Oscar
Personal assets
Personal liabilities
144,000
160,000
120,000
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