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Prepare a statement of partnership liquidation

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Reference no: EM131591215

Question:

After discontinuing the ordinary business operations and closing the accounts on May 7, the ledger of the partnership of Anna, Brian, and Cole indicated the following:

Cash            10,000  
Noncash Assets          200,000  
     Liabilities              65,000
     Anna, Capital              72,500
     Brian, Capital              48,333
     Cole, Capital              24,167
           210,000          210,000

The partners share net income and losses in the ratio of 5:3:2. Between May 7-30, the noncash assets were sold for $260,000, the liabilities were paid, and the remaining cash was distributed to the partners.

a.  Prepare a statement of partnership liquidation. If an amount box does not require an entry, leave it blank or enter "0".

Reference no: EM131591215

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