On January 1, the partners of Van, Bakel, and Cox (who share profits and losses in the ratio of 5.32, respectively) decide to terminate operations and liquidate their partnership. The trial balance at this date follows: The parthers pian a program of plecemeal conwersion of the partnership's assets to minimize liquidation losses. All avaliable cash, less nn amount retained to provide for future expenses, is to be distributed to the partners at the end of each manth. A summary of the liquidation transactions follows: Aanuary colleeted 575,000 of the scoount receivabie; the bslasee is deaned snoollectible. heceived 962,008 for the entire thventery. Fain in,000 in 11 liquitation expenene. rald 393,000 to the outside ernditora after offenting a 83,000 eredit Thosorandue rtetived by the partiership on ?amary in Natalnad 534.000 oash in the boingese at the and of Jamuary to cover Hiquidatian nxpensas. The renainder in distribnted to the partnern. Fohtuery: Paid $3,600 in 1 iquidation expecues. hecained 522,000 caah in the bacicese at the end of the mosth to eover addittional Hiqaiffation eajethete. Hareb Received 3170,600 on the ask of all msehinery and equipant. Bald 55,000 in tins 1 a leqaidertion expeneed. Metalned no caah in the Dublstas. Complete this question by Ting your answers in the tabs below. Prepare proposed schedule of liquidation to determine the safe payments made to the partners at the end of Jancary. (Amounts to bie deducted should be entered with a minus sign.) Prepare proposed schedule of liquidation to determine the safe payments made to the partners at the end of february. (Amounts to be deducted ahculd he entered with a minus sign.) Prepare proposed schedule of liquldation to determine the safe payments made to the partners at the end of March. (Amounts to be ceducted should be entered with a minus sign.) On January 1, the partners of Van, Bakel, and Cox (who share profits and losses in the ratio of 5:3:2, respectively) decide to terminate operations and liquidate their partnership. The trial balance at this date follows: The partners plan a program of piecemeal conversion of the partnership's assets to minimize liquidation losses. All available cash, less an amount retained to provide for future expenses, is to be distributed to the partners at the end of each month. A summary of the Miguidation transactions follows: January Colleeted 575,000 of the accounta receivables the balance in deaned uncollectible. Recelved $62,000 for the eatire inventory, Paid $2,000 in ilquidation expenaea. Faid $93,000 to the outaide ereditors after offsetting a $3,090 erndic menorandain received by the partnership on Jasuary 11. Hetained $34,000 eaeh is the buaineoe at the end of January to cover 11guidation expenses. The renainder is diatributed to the partnera. Pebruary Pald $3,000 is liquidation expenses. Rotained $22,000 cash in the business at the end of the month to cover addietona1 1iquldation expenses. Mareh Roceived $170,000 on the male of a11 nachinery and equipaent. Paid $5,000 in tinal, 11quidation expensea. Rotained no eash in the basinese
