Reference no: EM132251265
Question - Alto, Blau, and Chan (ABC Partnership) decide to liquidate their partnership on September 1, 2019. The company's trial balance on that day shows the following:
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ABC PARTNERSHIP Trial Balance September 1, 2019
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Cash
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$10,000
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Noncash Assets
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90,000
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Liabilities
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$42,000
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Alto, Capital (40%)
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34,000
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Blau, Capital (40%)
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10,000
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Chan, Capital (20%)
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14,000
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Total
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$100,000
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$100,000
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Blau is personally insolvent. Alto and Chan are personally solvent. Partnership is liquidated in installments over a three month period. Noncash assets are sold as follows: September 15, noncash assets with book value of $55,000 sold for $45,000, Loss allocated among partners. Creditors are paid on September 28.
On October 15, noncash assets with book value $30,000 sold for 15,000, loss allocated among partners.
On November 15, noncash assets with book value $5,000 sold for $5,000. During the liquidation process partners decided to keep $10,000 to meet contingencies.
Any cash available are to be distributed on end of the month.
Required:
1) Prepare Statement of Partnership Realization and Liquidation-Installment Liquidation September, October, and November.
2) Prepare schedule of safe payments to partners for September and October.
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