Due to the fact that the partnership had been unprofitable for the past several years,A,B,C,and D decided to liquidate their partnership.The partners share profits and losses in the ratio of 40:30:20:10,respectively.The following balance sheet was prepared immediately before the liquidation process began:
The partnership's other assets are sold for $100,000 cash.The partnership operates in a state which has adopted the Uniform Partnership Act.
Required:
A.Complete the following schedule of partnership realization and liquidation.Assume that a partner makes additional contributions to the partnership when appropriate based on their individual status.
B.Complete the following schedule to show the total amount that will be paid to the personal creditors.

Question

Due to the fact that the partnership had been unprofitable for the past several years,A,B,C,and D decided to liquidate their partnership.The partners share profits and losses in the ratio of 40:30:20:10,respectively.The following balance sheet was prepared immediately before the liquidation process began:
  The partnership's other assets are sold for $100,000 cash.The partnership operates in a state which has adopted the Uniform Partnership Act.
Required:
A.Complete the following schedule of partnership realization and liquidation.Assume that a partner makes additional contributions to the partnership when appropriate based on their individual status.
  B.Complete the following schedule to show the total amount that will be paid to the personal creditors.

Quizplus · Accepted Answer

The Answer of Due to the fact that the partnership had been unprofitable for the past several years,A,B,C,and D decided to liquidate their partnership.The partners share profits and losses in the ratio of 40:30:20:10,respectively.The following balance sheet was prepared immediately before the liquidation process began:
  The partnership's other assets are sold for $100,000 cash.The partnership operates in a state which has adopted the Uniform Partnership Act.
Required:
A.Complete the following schedule of partnership realization and liquidation.Assume that a partner makes additional contributions to the partnership when appropriate based on their individual status.
  B.Complete the following schedule to show the total amount that will be paid to the personal creditors.

Due to the Fact That the Partnership Had Been Unprofitable