Question

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 $45,300, $79,800, and $32,400, respectively. Between July 1 and July 29, the noncash assets are sold for $63,600, 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 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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