The partnership of May, Novem, and Octo was dissolved.By August 1, 2011, all assets had been converted into cash and all partnership liabilities were paid.The partnership balance sheet on August 1, 2011 (with partner residual profit and loss sharing percentages)was as follows:
The value of partners' personal assets and liabilities on August 1, 2011 were as follows:
Required:
Prepare the final statement of partnership liquidation.

Question

The partnership of May, Novem, and Octo was dissolved.By August 1, 2011, all assets had been converted into cash and all partnership liabilities were paid.The partnership balance sheet on August 1, 2011 (with partner residual profit and loss sharing percentages)was as follows:
  The value of partners' personal assets and liabilities on August 1, 2011 were as follows:
  Required:
Prepare the final statement of partnership liquidation.

Quizplus · Accepted Answer

The Answer of The partnership of May, Novem, and Octo was dissolved.By August 1, 2011, all assets had been converted into cash and all partnership liabilities were paid.The partnership balance sheet on August 1, 2011 (with partner residual profit and loss sharing percentages)was as follows:
  The value of partners' personal assets and liabilities on August 1, 2011 were as follows:
  Required:
Prepare the final statement of partnership liquidation.

The Partnership of May, Novem, and Octo Was Dissolved