Modesto and Corpuz Partnership

Statement of Liquidation
Dec 31,2019
Cash Assets Liabilities Modesto, Capital
P/L Percentages (2/3)
Balances before liquidation 1,200,000 150,000 600,000
Sales of Inv and Non-cash Assets
and Distribution of gain 900,000 -1,200,000 -200,000
Balances 900,000 150,000 400,000
Payment of liabilities to
Outsiders -150,000 -150,000
Balances 750,000 400,000
Payments to Partners -750,000 -400,000

Modesto, Capital 400,000

Corpuz, Capital 350,000
Corpuz, Capital
(1/3)
450,000

-100,000
350,000

350,000
-350,000