Homework Answers
Brianne would be limited to paying debt off only within the amount that she has invested within the company. She had a capital balance of $20,300. So, the maximum amount that she would give to the company is $20,300.
Brianne's share= $48,000*5/10
=$24,000
But Brianne will only contribute $20,300
So, the remaining amount of $3,700($24,000-$20,300) will be contributed by Jake and Sacha in their profit and losses sharing ratio.
Amount left after Brianne's share=$48,000-$20,300
=$27,700
Jake and Sacha's profit and losses sharing ratio=2:3
Jake will contribute=$27,700*2/5
=$11,080
Sacha will contribute=$27,700*3/5
=$16,620
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$85,000, $82,000, and $65,000 respectively. They share profits and
losses in the ratio of 30:40:30. When the partners decide to
liquidate, the business has $67,000 in cash, noncash assets
totaling $261,000, and $96,000 in liabilities. The noncash assets
are sold for $270,000, and the creditors are paid.
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Prepare a schedule of partnership liquidation. (Enter
credit balance of an account and credit posting to an account with
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John, Jake, and Joe are partners with capital accounts of
$85,000, $82,000, and $65,000 respectively. They share profits and
losses in the ratio of 30:40:30. When the partners decide to
liquidate, the business has $67,000 in cash, noncash assets
totaling $261,000, and $96,000 in liabilities. The noncash assets
are sold for $270,000, and the creditors are paid.
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