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Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the...

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Accounting

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Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $28,500, $40,800, and $18,000, respectively. Cash, noncash assets, and liabilities total $43,200, $75,300, and $31,200, respectively. Between July 1 and July 29, the noncash assets are sold for $60,300, 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 "O". 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

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