This document shows the liquidation of a partnership. It lists the cash, liabilities, and capital account balances of three partners before and after liquidation. The partnership sold its non-current assets for $900,000, used that to pay off liabilities, then distributed the remaining cash in the capital account balances to each partner according to their ownership percentages.
This document shows the liquidation of a partnership. It lists the cash, liabilities, and capital account balances of three partners before and after liquidation. The partnership sold its non-current assets for $900,000, used that to pay off liabilities, then distributed the remaining cash in the capital account balances to each partner according to their ownership percentages.
This document shows the liquidation of a partnership. It lists the cash, liabilities, and capital account balances of three partners before and after liquidation. The partnership sold its non-current assets for $900,000, used that to pay off liabilities, then distributed the remaining cash in the capital account balances to each partner according to their ownership percentages.
This document shows the liquidation of a partnership. It lists the cash, liabilities, and capital account balances of three partners before and after liquidation. The partnership sold its non-current assets for $900,000, used that to pay off liabilities, then distributed the remaining cash in the capital account balances to each partner according to their ownership percentages.
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Problem No.
6 Chapter 4
Cash Liabilities Modesto, Capital
P/L Percentage 2/3 Balance before Liquidation 1,200,000 150,000 600,000 Sale of NCA and Distribution of Losses 900,000 600,000 Balances 2,100,000 150,000 1,200,000 Payment of Liabilities (150,000) (150,000) Balances 1,950,000 1,200,000 Payment to Partners (1,950,000) (1,200,000) Corpuz, Capital 1/3 450,000 300,000 900,000 750,000