Question: After closing the accounts on July 1 prior to liquidating 148188
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gibbs, Hill, and Manson are $24,000, $28,000, and $14,000, respectively. Cash, noncash assets, and liabilities total $11,000, $85,000, and $30,000, respectively. Between July 1 and July 29, the noncash assets are sold for $61,000, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1. Prepare a statement of partnership liquidation for the period July 1–29.
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