The partnership of Maya, Nova, and Oscar was dissolved. By August 1, 2014, all assets had been
Question:
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:
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.
Advanced Accounting
ISBN: 978-1934319307
2nd edition
Authors: Susan S. Hamlen, Ronald J. Huefner, James A. Largay III