Question

After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $35,700, $50,400, and $22,500, respectively. Cash, noncash assets, and liabilities total $52,800, $93,600, and $37,800, respectively. Between July 1 and July 29, the noncash assets are sold for $75,000, 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 "0".

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	$	$	$	$	$	$

Answer 1

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	$52,800	$93,600	$37,800	$35,700	$50,400	$22,500
Sale of assets and division of loss	75,000	($93,600)	0	18600*3/6 ($9300)	18600*2/6 ($6,200)	18600*1/6 ($3,100)
Balances after realization	$127,800	$0	$37,800	$26,400	$44,200	$19,400
Payment of liabilities	($37,800)		$37,800	--	--	--
Balances after payment of liabilities	$90,0000	$0	$0	$26,400	$44,200	$19,400
Cash distributed to partners	($90,0000)	$0	$0	($26,400)	($44,200)	($19,400)
Final balances	$0	$0	$0	$0	$0	$0

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