Prepare statement of partnership realization and liquidation

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Reference no: EM133928111

Problem

Schedule of Safe Payments to Partners- Partners Maness and Joiner have decided to liquidate their business. The ledger shows the following account balances: Cash $ 25,000 Accounts Payable $ 15,000 Inventory 120,000 Maness, Capital 65,000 Joiner, Capital 65,000 Maness and Joiner share profits and losses in an 8:2 ratio. During the first month of liquidation, half the inventory was sold for $40,000, and $10,000 of the accounts payable was paid. During the second month, the rest of the inventory was sold for $30,000, and the remaining accounts payable were paid. Cash was distributed at the end of each month, and the liquidation was completed at the end of the second month. Get the instant assignment help. Prepare a statement of partnership realization and liquidation with a schedule of safe payments for the two-month liquidation period.

Reference no: EM133928111

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