A partnership held three assets: Cash, $13,000; Land, $45,000; and a Building, $65,000. There were no recorded liabilities. The partners anticipated that expenses required to liquidate their partnership would amount to $6,000. Capital account balances were as follows:
The partners shared profits and losses 3:3:2:2, respectively.Required:Prepare a proposed schedule of liquidation, showing how cash could be safely distributed to the partners at this time.

Question

A partnership held three assets: Cash, $13,000; Land, $45,000; and a Building, $65,000. There were no recorded liabilities. The partners anticipated that expenses required to liquidate their partnership would amount to $6,000. Capital account balances were as follows:
  The partners shared profits and losses 3:3:2:2, respectively.Required:Prepare a proposed schedule of liquidation, showing how cash could be safely distributed to the partners at this time.

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The Answer of A partnership held three assets: Cash, $13,000; Land, $45,000; and a Building, $65,000. There were no recorded liabilities. The partners anticipated that expenses required to liquidate their partnership would amount to $6,000. Capital account balances were as follows:
  The partners shared profits and losses 3:3:2:2, respectively.Required:Prepare a proposed schedule of liquidation, showing how cash could be safely distributed to the partners at this time.

A Partnership Held Three Assets: Cash, $13,000; Land, $45,000; and a Building