Due to the Fact That the Partnership Had Been Unprofitable

Due to the fact that the partnership had been unprofitable for the past several years, A, B, C, and D decided to liquidate their partnership.The partners share profits and losses in the ratio of 40:30:20:10, respectively.The following balance sheet was prepared immediately before the liquidation process began: $\begin{array}{c} \text {A B C D Partnership}\\ \text {Balance Sheet}\\\\\begin{array}{lll} \text {Cash}&\$100,000\\ \text {Other Assets}&350,000\\\\\\\\ \text {Total Assets}&\$450,000 \end{array}\begin{array}{lll} \text {Liabilities}&\$250,000\\ \text {A, Capital}&55,000\\ \text {B, Capital}&60,000\\ \text {C, Capital}&50,000\\ \text {D, Capital}&35,000\\ \text {Total Lia \& Equities}&\$450,000\end{array}\end{array}$

The personal status of each partner is as follows: $\begin{array}{lrr}&\text { Personal } & \text { Personal } \\&\text { Assets } & \text { Liabilities }\\\text { A } & \$ 165,000 & \$ 120,000 \\\text { B } & 100,000 & 140,000 \\\text { C } & 180,000 & 160,000 \\\text { D } & 60,000 & 70,000\end{array}$
The partnership's other assets are sold for $100,000 cash.The partnership operates in a state which has adopted the Uniform Partnership Act.
Required:
A.Complete the following schedule of partnership realization and liquidation.Assume that a partner makes additional contributions to the partnership when appropriate based on their individual status. $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text { OTHER }$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\quad$$\underline{\text { CAPITAL }}$
$\begin{array}{llr}\text { CASH }&\text {ASSETS}&\text { LLABILITIES } & \text { A }&\text { B }&\text { C } & \text { D }\\\$100,000&\$350,000&\$250,000&55,000&66,000&50,000&35,000\\\end{array}$

B.Complete the following schedule to show the total amount that will be paid to the personal creditors. $\begin{array}{ccc}\text { From } & \text { Distribution } & \text { Total Paid } \\\text { Personal } & \text { from } & \text { to Personal }\\\text { Assets}&\text { Partnership}&\text { Creditors }\\\end{array}$
A
B
C
D