3 the partnership of georgia holly and izzy was dissolved and by july 1 2011 all ass 4307426

3 the partnership of georgia holly and izzy was dissolved and by july 1 2011 all ass 4307426

3) The partnership of Georgia, Holly, and Izzy was dissolved, and by July 1, 2011, all assets had been converted into cash and all partnership liabilities were paid. The partnership balance sheet on July 1, 2011 (with partner residual profit and loss sharing percentages) was as follows:

Cash$10,000Georgia, capital (40%)$              (20,000)

Holly, capital (30%)(10,000)

     Izzy, capital (30%) 40,000

Total assets$10,000Total liab./equity$10,000

The value of the partners' personal assets and liabilities on July 1, 2011 were as follows:

GeorgiaHollyIzzy

Personal assets$45,000$30,000$25,000

Personal liabilities30,00020,00010,000

Required:

Prepare the final statement of partnership liquidation.

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