Account balances for the Rob, Tom, and Val partnership on October 1, 2016, are as follows:

The partners have decided to liquidate the business. Activities for October and November are as follows:
October
1. Rob is short of funds, and the partners agree to charge her loan to her capital account.
2. $40,000 is collected on the accounts receivable; $4,000 is written off as uncollectible.
3. Half the inventory is sold for $50,000.
4. Equipment with a book value of $55,000 is sold for $60,000.
5. The $50,000 bank note plus $600 accrued interest is paid in full.
6. The accounts payable are paid.
7. Liquidation expenses of $2,000 are paid.
8. Except for a $5,000 contingency fund, all available cash is distributed to partners at the end of October.
November
9. The remaining equipment is sold for $38,000.
10. Val accepts inventory with a book value of $20,000 and a fair value of $10,000 as payment for part of her capital balance. The rest of the inventory is written off.
11. Accounts receivable of $10,000 are collected. The remaining receivables are written off.
12. Liquidation expenses of $800 are paid.
13. Remaining cash, including the contingency fund, is distributed to the partners.
REQUIRED:
Prepare a statement of partnership liquidation for the period October 1 through November 30.

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Cash Accounts receivable Inventory Equipment Rob loan S 21,000 63,000 120,000 150,000 15,000 S369,000 Accounts pavable Note payable Rob capital (30%) Tom capital (50%) Val capital (20%) $80,000 50,000 43,600 150,000 45,400 $369,000