The partners of Donald, Chief & Berry LLP decided to liquidate on August The balance sheet of the partnership is as follows, with the profit and loss ratio of and respectively. The partners do not expect to incur further liquidation expenses.
DONALD, CHIEF, & BERRY LLP
Balance Sheet
August
Assets
Cash
Loan receivable from
Donald
Other assets
Total
Liabilities & Partners' Capital
$ Trade accounts payable $
Loan payable to Chief
Donald, capital
Chief, capital
$
Additional Information
Estimated liquidation expenses $
A portion of the Other Assets with a carrying amount of $ were sold for $
all available cash was distributed.
Required
a Develop a predistribition plan for this partnership
b Prepare a Statement of partnership liquidation
c Compute the safe payment after de other assets had been sold
d Prepare the journal entries of the transactions performed
