Question
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $50,070, $45,690, and
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $50,070, $45,690, and $21,930, respectively. Cash, noncash assets, and liabilities total $58,680, $87,510, and $28,500, respectively. Between July 1 and July 29, the noncash assets are sold for $81,330, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1. Prepare a statement of partnership liquidation for the period July 129, 2016.
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