3) The partnership of Hanly, Ide, and Jen was dissolved. By August 1, 2006, all assets had been converted into cash and all partnership liabilities were paid. The partnership balance sheet on August 1, 2006 (with partner residual profit and loss sharing percentages) was as follows:

Question 3: (10 marks) (a) The partnership of Hanly, Ide, and Jen was dissolved. By August 1, 2006, all assets had been converted into cash and all partnership liabilities were paid. The partnership balance sheet on August 1, 2006 (with partner residual profit and loss sharing percentages) was as follows: Cash 50,000 $ Hanly, capital(30%) Ide, capital(20%) Jen, capital(50%) Total equity 4,000 (60,000) 106,000 50,000 Total assets $ 50,000 $ The value of partners' personal assets and liabilities on August 1, 2006 were as follows: Hanly Ide Jen Personal assets $ 74,000 $ 120,000 $ Personal liabilities 72,000 80,000 60,000 56,000 (a) Required: Prepare the final statement of partnership liquidation. (b) Identify 3 advantages and 3 disadvantages of a partnership