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(c) LIQUIDATION BY INSTALLMENTS It is sometimes necessary to liquidate on an installment basis Two of the many possible cases are illustrated in the rst there is no capital de ciency to any partner when the rst cash distribution is made; in the second there is a possible de ciency of one partner at the time of the rst cash distribution The situation involving a nal de ciency of a partner is discussed above in the partnership of Rogers, Stevens, and Troy If this situation should appear in the winding up of an installment liquidation, its treatment would be the same as described there The role of the liquidator is especially important in the case of installment liquidation In addition to his obvious responsibility to see that outside creditors are paid and to convert the various assets into cash with a maximum gain or a minimum loss, he must protect the interests of the partners in their relationship to each other Other than for reimbursement of liquidation expenses, no cash payment can be made to a partner, even on loan accounts or undrawn pro ts, except as the total standing to his credit exceeds his share of total possible losses on assets not yet realized Improper payment by the liquidator might result in personal liability Therefore, recovery could not be made from the partner who was overpaid (d) CAPITAL CREDITS ONLY NO CAPITAL DEFICIENCY Below is the balance sheet of Burns & Mantle as of April 30, when installment liquidation of the rm began The partners share pro ts and losses equally
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Assets Cash Other assets $ 6,200 350,000 Liabilities and Capital Liabilities Burns, capital Mantle, capital $ 56,000 220,200 80,000 $356,200
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During May, assets having a book value of $220,000 are sold for cash of $198,000, and $39,000 is paid to creditors During June, the remaining assets are sold for $90,000, the balance due creditors is paid, and liquidation expenses of $8,000 are paid Distribution of cash to the partners should be made as follows:
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Capital, per balance sheet Less realization loss in May Balance after loss Cash available to partners Possible loss divided Balances paid in cash Balances, June 1 Less realization loss in June Balances after loss Less liquidation expense Final cash payment Total $300,200 22,000 $278,200 $148,200 $130,000 Burns $220,200 11,000 $209,200 65,000 $144,200 $ 65,000 20,000 $ 45,000 4,000 $ 41,000 $ 6,200 $198,000 $ 39,000 $ 17,000 Mantle $80,000 11,000 $69,000 65,000 $ 4,000 $65,000 20,000 $45,000 4,000 $41,000
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Cash available to partners at May 31 is calculated as follows: Cash, per balance sheet Received from sale of assets May Paid to creditors May Reserved for creditors Available for distribution to partners
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Cash available to partners at May 31 is calculated as follows: In this example, the rst payment of $148,200 reduces the capital claims to the pro t and loss ratios, and all subsequent charges or credits to the partners capital accounts are made accordingly
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425 PARTNERSHIP REALIZATION AND LIQUIDATION
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BURNS & MANTLE Statement of Liquidation May 1 to July 31 Total Capital balances, May 1 Less realization loss in May Balances after loss, May 31a Less realization loss in June Balances after loss, June 30 Cash available to partnersb Possible loss apportioned Balances after apportionment Further possible loss to Burns Cash payment to Burns Balances, July 1 Less realization loss in July Balances after loss, July 31 Less liquidation expense Final cash payment
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Burns $220,200 15,000 $205,200 20,000 $185,200 85,000 $100,200 (40,000) 60,200 $125,000 12,500 $112,500 4,000 $108,500
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Mantle $80,000 $15,000 $65,000 20,000 $45,000 85,000 $(40,000) 40,000 $45,000 12,500 $(32,500 4,000 $28,500
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No cash was distributed to partners at May 31 because only $200 was available at that time The calculation: Cash, per balance sheet Received from sale of assets May $ 6,200 50,000 $ 39,000 17,000
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