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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
Yandel, capital
80,000
Goodwill
Don, capital
20,000
Total assets
$280,000
Total equity
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.
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