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At the end of the partnership liquidation the remaining cash is distributed among the partners on the basis of their capital account balance.
If the partnership decides to liquidate, the assets are sold, the liabilities are paid off, and any remaining cash is distributed to the partners based on their capital account balances. If a partner's capital account has a negative balance, that partner must contribute the difference to the partnership.
A partnership liquidation is the process of paying off liabilities, selling assets, and distributing remaining cash and assets to partners during the partnership's dissolution. When a partnership goes out of business, it is liquidated. The day-to-day operations of the business are ceased upon closure, and the accounts should be adjusted and then closed. A realization is the first step in the liquidation of a partnership, in which the partnership's assets are sold for cash.
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