Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. statement of partnership liquidation after closing

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

90.2K

Verified Solution

Question

Accounting

image
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 $35,100, $49,800, and $22,200, respectively. Cash, noncash assets, and liabilities total $52,800, $92,400, and $38,100, respectively. Between July 1 and July 29, the noncash assets are sold for $73,800, the labilities 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 Noncash Assets Liabilities Cash + Capital Gold (3/6) Capital Porter (2/6) Capital Sims (1/6) Balances before realization Sale of assets and division of $ 52.800 92,400 38,100 5 35.106 49.00 22,200 78,000 91,400 Joss $ 5 Balances after realization Payment of tiabilities Balances after payment or Babies cash distributed to partners Final balances

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students