Solution-Prepare a schedule of liquidation

Prepare a schedule of liquidation

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Reference no: EM133084763

Question - The partners of the Wisin, Yandel and Don partnership share profits and losses in the ratio of 40:25:35, respectively. The partners have decided to liquidate and terminate the partnership at December 1 until 31, 2021. Prior to liquidation, the partnership balance sheet was as follows:

Cash	$20,000	Liabilities	$120,000
Inventory	100,000	Wisin, capital	60,000
Fixed assets - net	60,000	Yandel, capital	80,000
Goodwill	100,000	Don, capital	20,000
Total assets	$280,000	Total equity	$280,000

Required - Prepare a schedule of liquidation, given that the partnership sold the inventory for $55,000 and the fixed assets for $200,000 and write-off Goodwill; and paid liabilities and then, distribution any cash remainder into partners.

Reference no: EM133084763

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Prepare a schedule of liquidation

Reference no: EM133084763

Reference no: EM133084763

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