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Accounting for the liquidation of a partnership
The partnership of Driscoll, Charles, and Gavin is liquidating. Business assets, liabilities, and partners' capital balances prior to liquidation follow. The partners share profits and losses as follows: Driscoll, 20%; Charles, 30%; and Gavin, 50%.
DRISCOLL, CHARLES, & GAVIN
Cash
Noncash assets
Liabilities
Driscoll capital
Charles capital
Gavin capital
$13,000
$130,000
$80,000
$18,000
$33,000
$12,000
Requirement
1. Journalize the sale of the assets for $165,000, the payment of the liabilities, and the payment of the partners' final capital balances.
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