On March 1,2009,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 15,2009,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.

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The Answer of On March 1,2009,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 15,2009,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.

On March 1,2009,the ABC Partnership Decides to Complete a Lump-Sum