A partnership has the following account balances at the date of termination: Cash, $; Noncash Assets, $; Liabilities,
$ : Alonso, capital percent of profits and losses $; Mann, capital percent $; Suzuki, capital
percent $ The following transactions occur during liquidation:
Noncash assets with a book value of $ are sold for $ in cash.
A creditor reduces his claim against the partnership from $ to $ and this amount is paid in cash.
The remaining noncash assets are sold for $ in cash.
The remaining liabilities of $ are paid in full.
Liquidation expenses of $ are paid in cash.
Cash remaining after the above transactions have occurred is distributed to the partners.
Required:
Prepare a statement of partnership liquidation to determine how much cash each parther receives from the liquidation of the
partnership.
Note: Amounts to be deducted should be entered with a minus sign.
