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1、AdvancedAccountingIIPartnershipLiquidation1PartnershipLiquidation:ObjectivesUnderstandthelegalaspectsofpartnershipliquidation.Applysimplepartnershipliquidationcomputationsandaccounting.Understandinstallmentliquidations.Learnaboutcashdistributionplansforinstallmentliqu
2、idations.Comprehendliquidationswheneitherthepartnershiporthepartnersareinsolvent.2LegalAspectsofLiquidationPartnershipLiquidation3ProcessofLiquidationConvertnoncashassetstocashRecognizegainsorlossesandexpensesSettleallliabilitiesDistributecashtopartnersaccordingtobala
3、ncesincapitalaccountsAssumesBusinessissolventPartnershaveequityinnetassetsNopartnerloansAssetsareconvertedtocashbeforecashisdistributedtopartners4OrderofPaymentAmountsowedtocreditorsotherthanpartnersandamountsowedtopartnersotherthanforcapitalandprofitsAmountsduetopart
4、nersliquidatingtheircapitalbalanceuponconclusionoftheliquidationofpartnershipassetsandliabilities5SimpleLiquidationPartnershipLiquidation6SimpleLiquidationConvertsallassetstocashMakesasingledistributiontopartnersinfinalsettlementGainsandlossesonconversionofassetsaredi
5、stributedtopartnersUseestablishedprofitandlossratiosIgnoresalary,bonus,interestallowances7Example-dataJane,JackandMarkshareprofits&losses3:1:1Afterclosingthebooks,generalledgercontains:8Cash$10,000Liabilities$30,000Non-cashassets90,000Jane,capital40,000Jack,capital20,
6、000Mark,capital10,000Totalassets$100,000Totalliabilitiesandcapital$100,000Example-saleofnon-cashassetsatagainSellsnon-cashassetsfor$150,000=gainof$60,000allocatetopartnersbasedonprofitsharingratio:9Cash150,000non-cashassets90,000Jane,capital36,000Jack,capital12,000Mar
7、k,capital12,000Tosellnon-cashassetsatagainExample-saleofnon-cashassetsatagainPayoffliabilities:10Liabilities30,000cash30,000TopayliabilitiesExample-saleofnon-cashassetsatagainRemainingcashispaidtothepartnersaccordingtotheircapitalbalances11Jane,capital76,000Jack,capit
8、al32,000Mark,capital22,000Cash130,000TodistributecashinliquidationExample-saleofNCAatagain12Cash+NCassets=liab+JaneCapital+J
