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hello and welcome back to another TLC tutoring company accounting lesson we appreciate those of you who have seen our videos before for returning welcome back and for those of you who are new please be sure to subscribe so today we are going to be going over partnership liquidation charts now typically partnerships occasionally have to liquidate their company sometimes it can be because theyre forming a new partnership or just because theyre going out of business but typically what happens in a partnership is the company sells off all of its assets and pays off all of its liabilities and any remaining cash is then distributed to the the current owners so in this case we have a partnership with three partners Campbell Hickey and Patil who need to liquidate their partnership now they have cash of ten thousand non-cash assets that is essentially things like accounts receivable inventory equipment so on and so forth for sixteen thousand and liabilities of three thousand dollars now they
