Statement Of Partnership Liquidation

Non cash Total Capital balances

Cash assets Liabilities Jane(3/5) Elaine(1/5) Mark(1/5)
Balances before liquidation 10,000 90,000 30,000 40,000 20,000 10,000
1. Noncash assets sold at a gain 150,000 -90,000 — 36,000 12,000 12,000
Balances after sale 160,000 — 30,000 76,000 32,000 22,000
2. Liabilities Paid -30,000 — -30,000 — — —
Balances after payment 130,000 — — 76,000 32,000 22,000
3. Partners paid -130,000 — — -76,000 -32,000 -22,000