Partners Larry, Curly, and Moe share profits and losses in the ratio of 3:2:1, respectively....
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Partners Larry, Curly, and Moe share profits and losses in the ratio of 3:2:1, respectively. The partners voted to liquidate the partnership when its assets, liabilities, and capital were as follows: Cash$ 7,000 Liabilities $24,000 Non-cash assets 90,000 Loan, Larry 5,000 Loan, Moe 10,000 Capital, Larry 22,000 Capital, Curly 27,000 __________ Capital, Moe 9,000 Total Assets $97,000 Total Liabilities & Equity $97,000
Assume that all the non-cash assets were sold for $42,000 and that all the non-cash assets were sold for $42,000 and that all cash was distributed to outside creditors and partners.
REQUIRED Prepare a statement of realization and liquidation
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