Question

After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances...

After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $40,800, $58,200, and $25,800, respectively. Cash, noncash assets, and liabilities total $65,700, $107,700, and $48,600, respectively. Between July 1 and July 29, the noncash assets are sold for $86,100, 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".

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 $ $ $ $ $ $

Homework Answers

Answer #1
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 65700 107700 48600 40800 58200 25800
Sale of assets and division of loss 86100 -107700 0 -10800 -7200 -3600
Balances after realization 151800 0 48600 30000 51000 22200
Payment of liabilities -48600 0 -48600 0 0 0
Balances after payment of liabilities 103200 0 0 30000 51000 22200
Cash distributed to partners -103200 0 0 -30000 -51000 -22200
Final balances 0 0 0 0 0 0
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