P13-5A Metfin Properties Limited Partnership has the following accounts, at December 31, 2000, its year...
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Accounting
P13-5A Metfin Properties Limited Partnership has the following accounts, at December 31, 2000, its year end: METFIN PROPERTIES LIMITED PARTNERSHIP Alphabetical List of Accounts December 31, 2000 Accounts payable and accrued liabilities Capital account-general partner, beginning of year (debit balance) Capital accounts-limited partners, beginning of year Cash Distributions (drawings) general partner Distributions (drawings)-limited partners General and administrative expenses Interest revenue Partnership management fee expense Professional fees expense Instructions $ 46,237 (92) 1,257,839 1,292,192 0 57,360 532 60,900 6,000 8,800 Prepare an income statement, statement of partners' capital, and balance sheet for Metfin Proper- ties Limited Partnership. Assume any net income or loss earned by the partnership is distributed as follows: General partner's share, 5%; Limited partners' share, 95%
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