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  3. a partnership has the following account balances a

A partnership has the following account balances at the date of termination: Cash, $100,000; Noncash...

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Accounting

A partnership has the following account balances at the date of termination: Cash, $100,000; Noncash Assets, $760,000; Liabilities,
$474.000 : Alonso, capital (50 percent of profits and losses). $180,000; Mann, capital (30 percent), $130,000; Suzuki, capital (20
percent), $76,000. The following transactions occur during liquidation:
Noncash assets with a book value of $600,000 are sold for $500,000 in cash.
A creditor reduces his claim against the partnership from $120,000 to $90,000, and this amount is paid in cash.
The remaining noncash assets are sold for $130,000 in cash.
The remaining liabilities of $354,000 are paid in full.
Liquidation expenses of $24,000 are paid in cash.
Cash remaining after the above transactions have occurred is distributed to the partners.
Required:
Prepare a statement of partnership liquidation to determine how much cash each parther receives from the liquidation of the
partnership.
Note: Amounts to be deducted should be entered with a minus sign.
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