PE 12-5A. Liquidating partnerships Obj. 4 Example Exercise 12-5 Show Me How Prior to liquidating their partnership, Joyce and Xi had capital ac- counts of $50,000 and $105,000, respectively. Pri- or to liquidation, the part- nership had no cash as- sets other than what was realized from the sale of assets. These partnership assets were sold for $190,000. The partnership had $10,000 of liabilities. Joyce and Xi share income and losses equally. Deter- mine the amount received by Joyce as a final distrib- ution from liquidation of the partnership