E17-8 Statement of partnership liquidation - Partner insolvency case

E 17-8 Statement of parthership liquidation Partner insolvency case Ater all partnership assets were converted into cash and all available cash distributed to creditors, the ledger of the Dan, Edd, and Fed partnership showed the following balances: The percentages indicated are residual profit- and loss-sharing ratios. Personal assets and liabilities of the partners are as follows: The partnership creditors proceed against Fed for recovery of their claims, and the partners settle their claims against each other in accordance with UPA. REQUIRED: Prepare a schedule to show the phaseout of the partnership and final closing of the books