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Statement of Partnership Liquidation After closing the accounts on July 1 , prior to liquidating the partnership, the capital account balances of Silver, Carillo, and
Statement of Partnership Liquidation After closing the accounts on July 1 , prior to liquidating the partnership, the capital account balances of Silver, Carillo, and Tingley are $32,700, $46,500, and $20,700, respectively. Cash, noncash assets, and liabilities total $52,200,$86,100, and $38,400, respectively. Between July 1 and July 29 , the noncash assets are sold for $68, 700 , the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1. Prepare a statement of partnership liquidation for the period July 1-29. Enter any subtractions (balance deficiencies, payments, cash distributions, divisions of loss, sale of assets) as negative numbers using a minus sign. If an amount is zero, enter in "0
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