After closing the accounts on July 1, prior to liquidating the partnership

An unincorporated business form consisting of two or more persons conducting business as co-owners for profit.

, the capital account balances of Gold, Porter, and Sims are $58,530, $46,460, and $21,950, respectively. Cash, noncash assets, and liabilities total $51,800, $104,960, and $29,820, respectively. Between July 1 and July 29, the noncash assets are sold for $98,780, 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

The winding-up process when a partnership goes out of business.

for the period July 129, 2016.

rows, a balance of zero MUST be indicated by entering "0".

Question not attempted.

GOLD, PORTER, AND SIMS

Statement of Partnership Liquidation

For the Period July 129, 2016

1		Cash +	Noncash Assets =	Liabilities +	Gold (3/6) +	Porter (2/6) +	Sims (1/6)
2
3
4
5
6
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8

Solution

GOLD, PORTER, AND SIMS

Statement of Partnership Liquidation

For the Period July 129, 2016

1		Cash +	Noncash Assets =	Liabilities +	Gold (3/6) +	Porter (2/6) +	Sims (1/6)
2
3
4
5
6
7
8