Available under Creative Commons-NonCommercial-ShareAlike 4.0 International License.
A, B, C, and D share profits 40 per cent, 30 per cent, 20 per cent, and 10 per cent, respectively. Assume all partners are unable to contribute any amount to the partnership. The balance sheet at January 1, 2016 shows:
The partnership is liquidated during the month of January 2016; the non-current assets are sold for $26,000.
Required: Prepare a statement of partnership liquidation for the month ending January 31, 2016. Assume any capital deficiency is paid by the other partners in proportion to the allocation formula.
- 1524 reads
