Homework SourseintakeAssignmenttakeAssignmentMain doinvoker assignments Sho
in/takeAssignment/takeAssignmentMain do?invoker assignments& Show Me How Pint em After closing the accounts on July 1, prior to liquldeting the pertnership, the capital account balances of Goid, Porter, and Sims ane $45,600, $65,100, and are sold for 300, the lab ities are paid, and te remaining cash is distributed to the partners. The partners share net income and loss nne ratio of 3:21. Prepare a statement of partnership liquidation for the period July 1-29. Enter any subtractions (belance deficiencies, payments, cash distributions, divisions of ins, sale of esets) as ne ve numbers w g meus sgt ir an enort s tero, enter n v Gold, Porter, and Sims Tor the Perled Ending ly 1-29 CashNoncash AssetsLiabilities+Capital Gold 3/s)+ Capital Porter (2/6)+ Capital Sims (a/6) Baances before realiration Sale of asets and division of los Balances afer realkzatiorn Payment of ables Blances ater payment of labioes Canh distributed to partrens Final balances SAMSUNG A. 
Solution
Cash + Non Cash Asest = Liabilities + Capital Gold (3/6) + Capital Portar (2/6) + Capital Sims (1/6) Balances before realization $ 67,500.00 + $ 120,300.00 = $ 48,300.00 + $ 45,600.00 + $ 65,100.00 + $ 28,800.00 Sale of assets and division of loss $ 96,300.00 + $ (120,300.00) = + $ (12,000.00) + $ (8,000.00) + $ (4,000.00) (Loss = 120300- 96300 = $24000) distributed to partner in 3:2:1 Balances after realization $ 163,800.00 + $ - = $ 48,300.00 + $ 33,600.00 + $ 57,100.00 + $ 24,800.00 Payment of liabilities $ (48,300.00) + $ - = $ (48,300.00) + + + Balances after payment of Liabilities $ 115,500.00 + $ - = $ - + $ 33,600.00 + $ 57,100.00 + $ 24,800.00 Cash distributed to partners ($115500 in ratio 3:2:1) $ (115,500.00) + $ - = + $ (33,600.00) + $ (57,100.00) + $ (24,800.00) Final Balances $ - + $ - = $ - + $ - + $ - + $ -