The balance sheet of the Maude, Ned, and Oscar partnership on November 1, 2011 (before commencement of partnership liquidation)was as follows:
Liquidation events in November were as follows:
- All the inventory was sold for $10,000 above book value;
- Plant assets with a book value of $60,000 were sold for $34,000.
Required:
Determine how the available cash on November 31, 2011 should be distributed.

Question

The balance sheet of the Maude, Ned, and Oscar partnership on November 1, 2011 (before commencement of partnership liquidation)was as follows:
  Liquidation events in November were as follows:
- All the inventory was sold for $10,000 above book value;
- Plant assets with a book value of $60,000 were sold for $34,000.
Required:
Determine how the available cash on November 31, 2011 should be distributed.

Quizplus · Accepted Answer

The Answer of The balance sheet of the Maude, Ned, and Oscar partnership on November 1, 2011 (before commencement of partnership liquidation)was as follows:
  Liquidation events in November were as follows:
- All the inventory was sold for $10,000 above book value;
- Plant assets with a book value of $60,000 were sold for $34,000.
Required:
Determine how the available cash on November 31, 2011 should be distributed.

The Balance Sheet of the Maude, Ned, and Oscar Partnership