A partnership has the following balance sheet prior to liquidation ( partners' profit and loss ratios are in parentheses):

Cash ------------------------------------------------ 33,000

Other Assets-------------------------------------- 100,000

Total Assets--------------------------------------- 133,000

Liabilities ----------------------------------------- 50,000

X, Capital ( 40%) ------------------------------ 24,000

Y, Capital ( 30%) ------------------------------ 29,000

Z, Capital ( 30%) ------------------------------ 30,000

Total Liabilities & Capital ----------------- 133,000

Prepare a schedule - with the accounting equation from left to right that shows the liquidation steps below:

During liquidation other assets are sold for 80,000

Liabilties are paid in full.

15,000 in liquidation expenses are paid

Each partner receives residual money as a result of the liquidation.