The partners of the Minion, Nocti and Overly partnership share profits and losses in the ratio of 6:3:1, respectively. The partners have decided to liquidate and terminate the partnership. Prior to liquidation, the partnership balance sheet was as follows:
Required:
Prepare a schedule of liquidation, given that the partnership sold the inventory for $40,000 and the fixed assets for $120,000.

Question

The partners of the Minion, Nocti and Overly partnership share profits and losses in the ratio of 6:3:1, respectively. The partners have decided to liquidate and terminate the partnership. Prior to liquidation, the partnership balance sheet was as follows:
  Required:
Prepare a schedule of liquidation, given that the partnership sold the inventory for $40,000 and the fixed assets for $120,000.

Quizplus · Accepted Answer

The Answer of The partners of the Minion, Nocti and Overly partnership share profits and losses in the ratio of 6:3:1, respectively. The partners have decided to liquidate and terminate the partnership. Prior to liquidation, the partnership balance sheet was as follows:
  Required:
Prepare a schedule of liquidation, given that the partnership sold the inventory for $40,000 and the fixed assets for $120,000.

The Partners of the Minion, Nocti and Overly Partnership Share