a.

) JES Company
Statement of Liquidation
50%
Cash Non Cash Liabilities John, Capital
Balance 80,000.00 320,000.00 60,000.00 100,000.00
Sale of Non Cash & distribution of loss 170,000.00 - 320,000.00 - 75,000.00
Balance 250,000.00 - 60,000.00 25,000.00
Payment of Liquidation Expense - 20,000.00 - 10,000.00
Balance 230,000.00 - 60,000.00 15,000.00
Payment of Liabilities - 60,000.00 - 60,000.00
Balance 170,000.00 - - 15,000.00
Payment to partners - 170,000.00 - 15,000.00
TOTAL - - - -

JOURNAL ENTRY
1 Cash 170,000.00
John, Capital 75,000.00
Erwin, Capital 45,000.00
Sean, Capital 30,000.00
Non Cash assets 320,000.00
To record realization of NCA & distribution of loss

2 John, Capital 10,000.00

Erwin, Capital 6,000.00
Sean, Capital 4,000.00
Cash 20,000.00
Payment of liquidation expenses

3 Liabilities 60,000.00
Cash 60,000.00
Payment of liabilities

4 John, Capital 15,000.00

Erwin, Capital 99,000.00
Sean, Capital 56,000.00
Cash 170,000.00
Payment to partners

b.) JES Company

Statement of Liquidation
50%
Cash Non Cash Liabilities John, Capital
Balance 80,000.00 320,000.00 60,000.00 100,000.00
Sale of Non Cash & distribution of loss 130,000.00 - 320,000.00 - 95,000.00
Balance 210,000.00 - 60,000.00 5,000.00
Payment of Liquidation Expense - 20,000.00 - 10,000.00
Balance 190,000.00 - 60,000.00 - 5,000.00
Payment of Liabilities - 60,000.00 - 60,000.00
Balance 130,000.00 - - - 5,000.00
Add'l Investment of John 5,000.00 5,000.00
Balance 135,000.00 - - -
Payment to partners - 135,000.00
TOTAL - - - -

JOURNAL ENTRY
1 Cash 130,000.00
John, Capital 95,000.00
Erwin, Capital 57,000.00
Sean, Capital 38,000.00
Non Cash assets 320,000.00
To record realization of NCA & distribution of loss

2 John, Capital 10,000.00

Erwin, Capital 6,000.00
Sean, Capital 4,000.00
Cash 20,000.00
Payment of liquidation expenses

3 Liabilities 60,000.00
Cash 60,000.00
Payment of liabilities

4 Cash 5,000.00
John, Capital 5,000.00
Additional investment of John

5 Erwin, Capital 87,000.00

Sean, Capital 48,000.00
Cash 135,000.00
Payment to partners

c.) JES Company

Statement of Liquidation
50%
Cash Non Cash Liabilities John, Capital
Balance 80,000.00 320,000.00 60,000.00 100,000.00
Sale of Non Cash & distribution of loss 120,000.00 - 320,000.00 - 100,000.00
Balance 200,000.00 - 60,000.00 -
Payment of Liquidation Expense - 20,000.00 - 10,000.00
Balance 180,000.00 - 60,000.00 - 10,000.00
Payment of Liabilities - 60,000.00 - 60,000.00
Balance 120,000.00 - - - 10,000.00
Add'l loss of Erwin & Sean 10,000.00
Balance 120,000.00 - - -
Payment to partners - 120,000.00
TOTAL - - - -

JOURNAL ENTRY
1 Cash 120,000.00
John, Capital 100,000.00
Erwin, Capital 60,000.00
Sean, Capital 40,000.00
Non Cash assets 320,000.00
To record realization of NCA & distribution of loss

2 John, Capital 10,000.00

Erwin, Capital 6,000.00
Sean, Capital 4,000.00
Cash 20,000.00
Payment of liquidation expenses

3 Liabilities 60,000.00
Cash 60,000.00
Payment of liabilities

4 Erwin, Capital 6,000.00

Sean, Capital 4,000.00
John, Capital 10,000.00
Additional loss of Erwin & Sean

5 Erwin, Capital 78,000.00

Sean, Capital 42,000.00
Cash 120,000.00
Payment to partners
 30% 20% BV Sale Gain/Loss
Erwin, Capital Sean, Capital Non Cash 320000 170000 -150000
150,000.00 90,000.00
- 45,000.00 - 30,000.00
105,000.00 60,000.00
- 6,000.00 - 4,000.00
99,000.00 56,000.00

99,000.00 56,000.00
- 99,000.00 - 56,000.00
- -

30% 20% BV Sale Gain/Loss

Erwin, Capital Sean, Capital Non Cash 320000 130000 -190000
150,000.00 90,000.00
- 57,000.00 - 38,000.00
93,000.00 52,000.00
- 6,000.00 - 4,000.00
87,000.00 48,000.00
 87,000.00 48,000.00

87,000.00 48,000.00
- 87,000.00 - 48,000.00
- -

30% 20% BV Sale Gain/Loss

Erwin, Capital Sean, Capital Non Cash 320000 120000 -200000
150,000.00 90,000.00
- 60,000.00 - 40,000.00
90,000.00 50,000.00
- 6,000.00 - 4,000.00
84,000.00 46,000.00

84,000.00 46,000.00
- 6,000.00 - 4,000.00
78,000.00 42,000.00
- 78,000.00 - 42,000.00
- -