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Prepare statement of partnership liquidation

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Question - On January 1, 2016, the partners Carlo, Diego, and Edgar who share profits and losses in the ratio of 5:3:2, date the partnership condensed balance sheet was as follows:

Cash 80,000

Other Assets 400,000

Accounts Payable 96,000

Carlo, Capital 128,000

Diego, Capital 144,000

Edgar, Capital 112,000

On September 20, all other assets are sold at 280,000. Assuming that all partners are solvent.

Required - Prepare Statement of Partnership Liquidation (Lumpsum)?

Reference no: EM132950317

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