The partnership of Maya, Nova, and Oscar was dissolved. By August 1, 2014, all assets had been converted into cash and all partnership liabilities were paid. The partnership balance sheet on August 1, 2014 (with partner residual profit and loss sharing percentages) was as follows: $100,000 Maya, capital (30%) $ 8,000 Nova, capital (20%) (120,000) Oscar, capital (50%) Total equity Cash 212,000 $100,000 Total assets $100,000 The value of partners' personal assets and liabilities on August 1, 2014 were as follows: Maya $148,000 Nova Oscar $112,000 Personal assets $240,000 Personal liabilities 144,000 160,000 120,000

The partnership of Maya, Nova, and Oscar was dissolved. By August 1, 2014, all assets had been converted into cash and all partnership liabilities were paid. The partnership balance sheet on August 1, 2014 (with partner residual profit and loss sharing percentages) was as follows: $100,000 Maya, capital (30%) $ 8,000 Nova, capital (20%) (120,000) Oscar, capital (50%) Total equity Cash 212,000 $100,000 Total assets $100,000 The value of partners' personal assets and liabilities on August 1, 2014 were as follows: Maya $148,000 Nova Oscar $112,000 Personal assets $240,000 Personal liabilities 144,000 160,000 120,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 3EA: The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have...

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The partnership of Maya, Nova, and Oscar was dissolved. By August 1, 2014, all assets hadbeen converted into cash and all partnership liabilities were paid. The partnership balancesheet on August 1, 2014 (with partner residual profit and loss sharing percentages) was asfollows: 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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