nd loss shar
Chapter21: Partnerships
Section: Chapter Questions
Problem 57P
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Question
100%
The
been converted into cash and all partnership liabilities were paid. The partnership balance
sheet on August 1, 2014 (with partner residual
follows:
Cash
$100,000
Maya, capital (30%) $ 8,000
Nova, capital (20%)
(120,000)
Oscar, capital (50%) 212,000
Total assets
$100,000
Total equity
$ 100,000
The value of partners' personal assets and liabilities on August 1, 2014 were as follows:
Maya
Nova
Oscar
Personal assets
$148,000 $240,000 $112,000
Personal liabilities
144,000
160,000
120,000
Required:
Prepare the final statement of partnership liquidation.
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