Question

The DSV Partnership decided to liquidate as of June 30, 20X5. Its balance sheet as of this date follows:


Additional Information
1. The personal assets (excluding partnership loan and capital interests) and personal liabilities of each partner as of June 30, 20X5, follow:



2. The DSV Partnership was liquidated during the months of July, August, and September. The assets sold and the amounts realized follow:



Required
Prepare a statement of partnership realization and liquidation for the DSV Partnership for the three-month period ended September 30, 20X5. D, S, and V share profits and losses in the ratio 50:30:20, respectively. The partners wish to distribute available cash at the end of each month after reserving $10,000 of cash at the end of both July and August to meet unexpected liquidation expenses. Actual liquidation expenses incurred and paid each month amounted to $2,500. Support each cash distribution to the partners with a schedule of safe installment payments.


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  • CreatedMay 23, 2014
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