The DSV Partnership decided to liquidate as of June 30, 20X5. Its balance sheet as of this date follows:

DSV PARTNERSHIP Balance Sheet At June 30, 20X5
Assets
Cash				$	50,000
Accounts Receivable (net)					95,000
Inventories					75,000
Property, Plant and Equipment (net)					500,000
Total Assets				$	720,000
Liabilities and Partners Capital
Liabilities:
Accounts Payable				$	405,000
Partners Capital:
D, Capital	$	100,000
S, Capital		140,000
V, Capital		75,000
Total Capital					315,000
Total Liabilities and Capital				$	720,000

Additional Information

1.	The personal assets (excluding partnership loan and capital interests) and personal liabilities of each partner as of June 30, 20X5, follow:

	D			S			V
Personal assets	$	250,000		$	450,000		$	300,000
Personal liabilities		(270,000	)		(420,000	)		(240,000	)
Personal net worth	$	(20,000	)	$	30,000		$	60,000

2.	The DSV Partnership was liquidated during the months of July, August, and September. The assets sold and the amounts realized follow:

Month	Assets Sold	Carrying Amount			Amount Realized
July	Inventories	$	50,000		$	45,000
	Accounts receivable (net)		60,000			40,000
	Property, plant and equipment		400,000			305,000
August	Inventories	$	25,000		$	18,000
	Accounts receivable (net)		10,000			4,000
September	Accounts receivable (net)	$	25,000		$	10,000
	Property, plant and equipment		100,000			45,000

Required:

Prepare a statement of partnership realization and liquidation for the DSV Partnership for the three-month period ended September 30, 20X5. D, S, and V share profits and losses in the ratio 50:30:20, respectively. The partners wish to distribute available cash at the end of each month after reserving $10,000 of cash at the end of both July and August to meet unexpected liquidation expenses. Actual liquidation expenses incurred and paid each month amounted to $2,500. Support each cash distribution to the partners with a schedule of safe installment payments.