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After closing the accounts on July 1, prior to liquidating the partnership, the capital account...

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Accounting

After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $59,920, $45,610, and $20,390, respectively. Cash, noncash assets, and liabilities total $59,380, $99,150, and $32,610, respectively. Between July 1 and July 29, the noncash assets are sold for $93,150, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1.

Prepare a statement of partnership liquidation for the period July 1-29, 2016.

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