Reference no: EM131704096

Question - Statement of Partnership Liquidation

After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $41,700, $59,100, and $26,400, respectively. Cash, noncash assets, and liabilities total $63,000, $109,500 and $45,300, respectively. Between July 1 and July 29, the noncash assets are sold for $87,300, 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.