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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DSV PARTNERSHIP Balance Sheet At June 30, 20X5 Assets Cash Accounts Receivable (net) Inventories Property, Plant, & Equipment (net) Total Assets $ 50,000 95,000 75,000 500,000 $720,000 Liabilities & Partners' Capital Liabilities Accounts Payable $405,000 Partners' Capital: D, Capital S, Capital V Capital $100,000 140,000 75,000 Total Capita! Total Liabilities & Capital 315,000 $720,000 Personal assets Personal liabilities $250,000 (270,000) (420 $450,000 300,000 240,000) S 60,000 420,000) ( Personal net worth (20,000) 30,000 Month July Assets Sold Carrying Amount Amount Realized Inventories Accounts receivable (net) Property, plant, & equipment Inventories Accounts receivable (net) Accounts receivable (net) Property, plant, & equipment 50,000 60,000 400,000 25,000 10,000 25,000 100,000 45,000 40,000 305,000 18,000 4,000 10,000 45,000 August September