Question

After discontinuing the ordinary business operations and closing the accounts on May 7, the ledger of...

After discontinuing the ordinary business operations and closing the accounts on May 7, the ledger of the partnership of Anna, Brian, and Cole indicated the following:

Cash

$    7,500

Noncash Assets

105,000

  Liabilities

$  27,500

  Anna, Capital

45,000

  Brian, Capital

15,000

  Cole, Capital

              

    25,000

$112,500

$112,500

The partners share net income and losses in the ratio of 3:2:1. Between May 7-30, the noncash assets were sold for $150,000, the liabilities were paid, and the remaining cash was distributed to the partners.

(a)

Prepare a statement of partnership liquidation.
Capital
Noncash Anna Brian Cole
Cash + Assets = Liabilities +                 +                  +
Balances before realization
Sale of assets and division of gain
Balances after realization
Payment of liabilities
Balances after payment of liabilities
Receipt of deficiency
Balances
Cash distributed to partners
Final balances
Business   Accounting   
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