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Adams, Peters, and Blake share profits and losses for their APB Partnership in a ratio of 2 : 3 : 5 . When they decide
Adams, Peters, and Blake share profits and losses for their APB Partnership in a ratio of :: When they decide to liquidate, the balance sheet is as follows: Assets Liabilities and Capital Cash $ Liabilities $ Adams, Loan Adams, Capital Other Assets Peters, Capital Blake, Capital Total Assets $ Total Liabilities and Equities $ Liquidation expenses are expected to be negligible. No interest accrues on loans with partners after termination of the business. During the liquidation process for the APB Partnership, the following events occurred: During the first month of liquidation, noncash assets with a book value of $ were sold for $ and $ of the liabilities were paid. During the second month, the remaining noncash assets were sold for $ The loan receivable from Adams was collected, and the rest of the creditors were paid. Cash is distributed to partners at the end of each month. Required: Prepare a statement of partnership realization and liquidation with a schedule of safe payments to partners for the liquidation period. Please follow the practical guidelines when completing this worksheet. Prepare Statement of Patrnership realization and Liquidation installment Liquidation table. And Scedule of sale payments to Partners. in table
Adams, Peters, and Blake share profits and losses for their APB Partnership in a ratio of :: When they decide to liquidate, the balance sheet is as follows:
Assets Liabilities and Capital
Cash $ Liabilities $
Adams, Loan Adams, Capital
Other Assets Peters, Capital
Blake, Capital
Total Assets $ Total Liabilities and Equities $
Liquidation expenses are expected to be negligible. No interest accrues on loans with partners after termination of the business. During the liquidation process for the APB Partnership, the following events occurred:
During the first month of liquidation, noncash assets with a book value of $ were sold for $ and $ of the liabilities were paid.
During the second month, the remaining noncash assets were sold for $ The loan receivable from Adams was collected, and the rest of the creditors were paid.
Cash is distributed to partners at the end of each month.
Required:
Prepare a statement of partnership realization and liquidation with a schedule of safe payments to partners for the liquidation period. Please follow the practical guidelines when completing this worksheet. Prepare Statement of Patrnership realization and Liquidation installment Liquidation table. And Scedule of sale payments to Partners. in table
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