QS 12-9 Liquidation of partnership LO P5

[The following information applies to the questions displayed below.]

The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field, $130,500; Brown, $167,300; and Snow, $155,800. The partners decide to liquidate, sharing all losses equally. On May 31, after all assets were sold and all creditors were paid, only $48,300 in partnership cash remained.

QS 12-9 Part 1

1. Compute the capital account balance of each partner after the liquidation of assets and payment of creditors. (Losses and negative capital balances, if any, should be entered with a minus sign.)

Initial Investments

Allocations of Gains

Capital Balances