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After discontinuing the ordinary business operatins and closing the accounts on May 7, the ledger of the partnership indicate the following:

Cash $75,000

Noncash 105,000

Liablities $27,500

Anna, Capital $45,000

Brian Capital $15,000

Cole Capital $25,000

Partners share net income and losses in the ratio of 3:2:1 between May 7-30 the noncash assests were sold for $150,000 the liabilities were paid and the remaining cash was distributed to the partners.

A Prepare a statement of partnership liquidation

B Assume the same facts as in A. except that noncash assets were sold for $45,000 and any partner with a capital deficiency pays the amount of the deficinecy to the partnership. Prepare a statement of partnership liqudation?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9969659

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