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Noncash Gold Porter Sims
Cash +Assets =Liabilities +(3/6) +(2/6) +(1/6)
Balances before realization
Sale of assets and division of loss
Balance after realization
Payment of liabilities
Balances after payment of liabilities
Cash distributed to partners
Final balances
Exercise 12-24
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Capital
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GOLD, PORTER, AND SIMS
Statement of Partnership Liquidation
For the Period July 1–29, 2014
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Noncash Gold Porter Sims
Cash +Assets =Liabilities +(3/6) +(2/6) +(1/6)
Balances before realization 56,000$ 96,000$ 32,000$ 55,000$ 45,000$ 20,000$
For the Period July 1–29, 2014
Exercise 12-24
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Solution
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Capital
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Instructions
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ON
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GOLD, PORTER, AND SIMS
Statement of Partnership Liquidation