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Q, R, S, and T are partners, sharing profits and losses 40%:20%:20%:20%, respectively. After sale of firm assets and payment of the available cash to
Q, R, S, and T are partners, sharing profits and losses 40%:20%:20%:20%, respectively. After sale of firm assets and payment of the available cash to the partnership creditors, a partnership trial balance and the personal status of each partner are as follows: Personal Status Exclusive Partnership Trial Balance Debit of Partnership Interest Credit Assets Liabilities Partner Creditors $2,300 Q, Capital $13,500 $8,200 500 Q R, Capital 7,700 19,000 7,800 R S, Capital $5,400 14,700 4,500 5,200 T, Capital 8,000 T 5,900 $10,600 $10,600 The partnership operates in a state that has adopted the Uniform Partnership Act Assuming that Q pays the partnership creditors, prepare a schedule to show how the settlement by the partners will be completed. (Enter credit balance of an account and credit posting to an account with negative sign preceding the number, e.g. -45 or parentheses, e.g. (45).) Capital Balance Cash Liabilities R T
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