Michelangelo. Raphael, Leonardo, and Donatello have decided to terminate their partnership. The partnership's balance sheet at the time they decide to wind up is as follows Duning the winding up of the partnership, the other assets are sold for
$160,000
, and the accounts payable are paid. Michelangelo and Donatello Complete the Statement of Partnership Realization and Distribution on the following page Show calculations below.

The complete statement amount of partnership realization and distribution is $400,000

Michelangelo 's = $45,000

Rapheal's = $30,000

Leonardo's = $15,000

Donetello's = $60,000

PARTICULAR        AMOUNT            PARTICULAR                AMOUNT

Noncash assets. $300,000         Accounts payable            $100,000

Cash (Account payable)$100,000 Cash (assets sold)         $150,000

Loss transferred to partner's          capital accounts:

                                                          Michelanglo $45,000

                                                          Rapheal       $30,000

                                                         Leopardo    $15,000

                                                         Donatello    $60,000

TOTAL                      $400,00                   TOTAL                       $400,000

LOSS TRANSFERRED TO PARTNER'S CAPITAL ACCOUNT:

Ratio of profit or loss = 3:2:1:4

Loss on realization = $150,000

Michelangelo's share of loss = 150,000 x 3/10 = $45,000

Rapheal's share of loss = 150,000x2/10 = $30,000

Leonardo's share of loss = 150,000 x 1/10 = $15,000

Donatello's share of loss = 150,000 x 4/10 = $60,000

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