in/takeAssignment/takeAssignmentMain do?invoker assignments& Show Me How Pint em

Question

in/takeAssignment/takeAssignmentMain do?invoker assignments& Show Me How Pint em After closing the accounts on July 1, prior to liquldeting the pertnership, the capital account balances of Goid, Porter, and Sims ane $45,600, $65,100, and are sold for 300, the lab ities are paid, and te remaining cash is distributed to the partners. The partners share net income and loss nne ratio of 3:21. Prepare a statement of partnership liquidation for the period July 1-29. Enter any subtractions (belance deficiencies, payments, cash distributions, divisions of ins, sale of esets) as ne ve numbers w g meus sgt ir an enort s tero, enter n v Gold, Porter, and Sims Tor the Perled Ending ly 1-29 CashNoncash AssetsLiabilities+Capital Gold 3/s)+ Capital Porter (2/6)+ Capital Sims (a/6) Baances before realiration Sale of asets and division of los Balances afer realkzatiorn Payment of ables Blances ater payment of labioes Canh distributed to partrens Final balances SAMSUNG A.

Explanation / Answer

Cash + Non Cash Asest = Liabilities + Capital Gold (3/6) + Capital Portar (2/6) + Capital Sims (1/6) Balances before realization $      67,500.00 + $    120,300.00 = $   48,300.00 + $   45,600.00 + $   65,100.00 + $   28,800.00 Sale of assets and division of loss $      96,300.00 + $ (120,300.00) = + $ (12,000.00) + $   (8,000.00) + $   (4,000.00) (Loss = 120300- 96300 = $24000) distributed to partner in 3:2:1 Balances after realization $    163,800.00 + $                     -   = $   48,300.00 + $   33,600.00 + $   57,100.00 + $   24,800.00 Payment of liabilities $    (48,300.00) + $                     -   = $ (48,300.00) + + + Balances after payment of Liabilities $    115,500.00 + $                     -   = $                   -   + $   33,600.00 + $   57,100.00 + $   24,800.00 Cash distributed to partners ($115500 in ratio 3:2:1) $ (115,500.00) + $                     -   = + $ (33,600.00) + $ (57,100.00) + $ (24,800.00) Final Balances $                     -   + $                     -   = $                   -   + $                   -   + $                   -   + $                   -

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