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.

Answer rating: 100% (QA)

Final statement of partnership liquidation is as prepared be... View the full answer