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Cash Inventory Partners Maness and Joiner have decided to liquidate their business. The ledger shows the following $25,000 120,000 Accounts Payable Maness, Capital Joiner,
Cash Inventory Partners Maness and Joiner have decided to liquidate their business. The ledger shows the following $25,000 120,000 Accounts Payable Maness, Capital Joiner, Capital Maness and Joiner share profits and losses in an 8:2 ratio. During the first month of liquidation, half $40,000, and $10,000 of the accounts payable was paid. During the second month, the rest of the im $30,000, and the remaining accounts payable were paid. Cash was distributed at the end of each mo was completed at the end of the second month. Required Prepare a statement of partnership realization and liquidation with a schedule of safe payments for t period.
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