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11. Due to the fact that the partnership had been unprofitable for the past several...

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Accounting

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11. Due to the fact that the partnership had been unprofitable for the past several years, A, B, C, and D decided to liquidate their partnership. The partners share profits and losses in the ratio of 30:30:20:20, ance sheet was prepared immediately before the liquidation process began: A B C D Partnership Balance Sheet Liabilities A. Capital B, Capital C, Capital D, Capital $450,000 75,000 60,000 40,000 25,000 $450,000 Cash Other Assets S 100,000 550,000 Total Assets Total Lia & Equities The personal status of each partner is as follows: PersonalPersonal Assets Liabilities $175,000 120,000 140,000 160,000 0,000 100,000 400,000 60,000 The partnership's other assets are sold for $200,000 cash. The partnership operates in a state which has adopted the Uniform Partnership Act. Required A. Complete the following schedule of partnership realization and liquidation. Assume that a partner makes additional contributions to the partnership when appropriate based on their individual status OTHER CASH ASSETS LIABILITIES A S100,000 $550,000 $450,000 75,000 60,000 40,000 25,000

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