Problem:
Related to partnerships, write/draw the outline of a liquidation schedule (columnar headings and line items/labeling down the left) when 3 partners decide to close the business.
Hint: Your outline starts with the basic accounting equation. Fill in assumed numbers for each category of Assets and Liabilities/Capital Equity. I am looking for your understanding of the steps in liquidating the business and how the 3 partners share (in the math) certain line items/transactions that happen #1, #2, #3, etc.
Also: Assume that you are 1 of the 3 partners. What liquidation transactions could happen negatively (think of the màth), as the liquidation process continues, and you receive LESS final money than your capital balance was at the time the liquidation started.