Show statement of liquidation using schedule of safe payment

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Question - Ana, Bana, and Cana are partners sharing P&L ratio of 4:3:3, respectively. On January 1, 2020, they decided to liquidate the partnership and the balance sheet were listed as follows:

ASSETS

Cash 1,000

Non-cash assets 23,000

Total Assets 24,000

LIABILITY AND EQUITY

Liabilities 3,000

Bana, Loan 2,500

Cana, Loan 1,250

Ana, Capital 7,225

Bana, Capital 6,275

Cana, capital 3,750

Total Liability and Equity 24,000

Additional Information:

BOOK VALUE

January 6,000

February 3,500

March 7,500

April 6,000

CASH REALIZED

January 5,250

February 3,000

March 5,000

April 2,500

PAYMENT OF LIQUIDATION EXPENSE

January 250

February 375

March 500

April 2,500

PAYMENT TO CREDITORS

January 3,000

CASH WITHHELD

January 1,000

February 500

March 1,250

April 0

Required - Show a statement of liquidation using schedule of safe payments and cash priority programs using the above information.

Reference no: EM132709270

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