On March 1,20X9,the ABC partnership decides to complete a lump-sum liquidation as soon as possible.The partnership balance sheet prepared on March 1 appears below:

The partners share profits and losses in the ratio of 3:4:3.Partner B is personally insolvent,but partners A and C have sufficient personal assets to satisfy any capital deficits.On March 15,20X9,the non-cash assets are sold for $550,000.Lump sum payments are made to the partners on March 16,immediately after the creditors have been paid.
Required:
Prepare a statement of partnership realization and liquidation.
Problem 64 (continued):

Question

On March 1,20X9,the ABC partnership decides to complete a lump-sum liquidation as soon as possible.The partnership balance sheet prepared on March 1 appears below:
  
The partners share profits and losses in the ratio of 3:4:3.Partner B is personally insolvent,but partners A and C have sufficient personal assets to satisfy any capital deficits.On March 15,20X9,the non-cash assets are sold for $550,000.Lump sum payments are made to the partners on March 16,immediately after the creditors have been paid.
Required:
Prepare a statement of partnership realization and liquidation.
Problem 64 (continued):

Quizplus · Accepted Answer

The Answer of On March 1,20X9,the ABC partnership decides to complete a lump-sum liquidation as soon as possible.The partnership balance sheet prepared on March 1 appears below:
  
The partners share profits and losses in the ratio of 3:4:3.Partner B is personally insolvent,but partners A and C have sufficient personal assets to satisfy any capital deficits.On March 15,20X9,the non-cash assets are sold for $550,000.Lump sum payments are made to the partners on March 16,immediately after the creditors have been paid.
Required:
Prepare a statement of partnership realization and liquidation.
Problem 64 (continued):

On March 1,20X9,the ABC Partnership Decides to Complete a Lump-Sum