The balance sheet of the partnership of Jim,Kim,and Larry is shown below as of September 1,2014.The partners had decided to dissolve the partnership earlier in the year,and all assets were converted into cash and all partnership liabilities were paid.The remains of the partnership (with partner residual profit and loss sharing percentages)was as follows:
The value of partners' personal assets and liabilities on July 1,2014 were as follows:
Required:
Prepare the final statement of partnership liquidation.

Question

The balance sheet of the partnership of Jim,Kim,and Larry is shown below as of September 1,2014.The partners had decided to dissolve the partnership earlier in the year,and all assets were converted into cash and all partnership liabilities were paid.The remains of the partnership (with partner residual profit and loss sharing percentages)was as follows:  
The value of partners' personal assets and liabilities on July 1,2014 were as follows:  
Required:
Prepare the final statement of partnership liquidation.

Quizplus · Accepted Answer

The Answer of The balance sheet of the partnership of Jim,Kim,and Larry is shown below as of September 1,2014.The partners had decided to dissolve the partnership earlier in the year,and all assets were converted into cash and all partnership liabilities were paid.The remains of the partnership (with partner residual profit and loss sharing percentages)was as follows:  
The value of partners' personal assets and liabilities on July 1,2014 were as follows:  
Required:
Prepare the final statement of partnership liquidation.

The Balance Sheet of the Partnership of Jim,Kim,and Larry Is