A partnership has the following account balances at the date of termination: Cash, $93,000; Noncash Assets, $725,000; Liabilities, $363,000; Bell, capital (50 percent of profits and losses), $215,000; Mann, capital (30 percent), $150,000; Scott, capital (20 percent), $90,000. The following transactions occur during liquidation: Noncash assets with a book value of $565,000 are sold for $465,000 in cash. A creditor reduces his claim against the partnership from $120,000 to $100,000, and this amount is paid in cash. The remaining noncash assets are sold for $130,000 in cash. The remaining liabilities of $243,000 are paid in full. Liquidation expenses of $21,000 are paid in cash. Cash remaining after the above transactions have occurred is distributed to the partners. Prepare a statement of partnership liquidation to determine how much cash each partner receives from the liquidation of the partnership. (Amounts to be deducted should be entered with a minus sign.)

Bell, Mann, and Scott Partnership

Statement of Partnership Liquidation

                                                   Bell          Mann          Scott        Total

Capital account balances  $215,000    $150,000    $90,000   $455,000

Share of net loss                  (55,000)      (33,000)    (22,000)     (110,000)

Capital account balances $160,000      $117,000    $68,000     345,000

Cash payment                    -160,000       -117,000     -68,000    -345,000

Ending balance                    $0                 $0              $0             $0

Explanation:

a) Data and Calculations:

Assets:

Cash,                                                     $93,000

Non-cash Assets,                               $725,000

Total assets                                         $818,000

Liabilities,                                            $363,000

Bell, capital                                          $215,000

Mann, capital                                      $150,000

Scott, capital                                        $90,000

Total liabilities and owners capital   $818,000

Profit and Loss Sharing Ratios:

Bell = 50%

Mann = 30%

Scott = 20%

Loss arising from the sale of non-cash assets and liabilities:

Book Value   Cash Collected/Paid          Loss/Gain

$565,000              $465,000                 -$100,000

$160,000                $130,000                  -$30,000

Gain from adjustment of liabilities:

$120,000                $100,000                  $20,000

Net Loss to be shared among partners $110,000

Cash account

Balance                             $93,000

Non-assets   465,000

Non-assets    130,000     595,000

Liabilities      (100,000)

Liabilities     (243,000)   (344,000)

Distributable balance   $345,000

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