. Liquidation schedule- positive capital accounts

The ABC Partnership reports the following condensed balance Sheet:

Cash $200,000 Noncash assets 600,000 Total Assets $800,000

Liabilities $300,000 Partner A, Capital 125,000 Partner B, Capital 125,000 Partner C, Capital 250,000 Total Liabilities and Partner Capital total $800,000

The Partners wish to liquidate the partnership.The non cash assets are sold for $450,000 with the loss distributed to the partners in the ratio of 30%30%40% to partner A, B, and C, respectively. The liabilities are paid in full. Prepare a schedule detailing the liquidation of the assets, repayment of the liabilities, and distribution of the remaining cash to the partners.

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