Reference no: EM132935004
Question - The partners of Donald, Chief & Berry LLP decided to liquidate on August 1, 2021. The balance sheet of the partnership is as follows, with the profit and loss ratio of 25%, 45%, and 30%, respectively. The partners do not expect to incur further liquidation expenses.
DONALD, CHIEF, & BERRY LLP Balance Sheet August 1, 2021
Assets Liabilities & Partners' Capital Cash $60,000
Trade accounts payable $130,000
Loan receivable from Donald 40,000
Loan payable to Chief 60,000
Other assets 500,000
Donald, capital 140,000
Chief, capital 160,000
Berry, capital 110,000
Total $600,000 Total $600,000
A portion of the Other Assets with a carrying amount of $200,000 were sold for $140,000, and all available cash was distributed.
Required - Prepare the schedule to compute the cash payments to the partners?
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