Homework Answers
Capital, Hewitt = $28,000
Capital, Patel = $18,000
Cash balance after payment of liabilities = $35,000
Loss on realization = Capital, Hewitt + Capital, Patel - Cash balance after payment of liabilities
= 28,000 + 18,000 - 35,000
= $11,000
Loss to be shared by Hewitt = 11,000 x 1/2
= $5,500
Loss to be shared by Patel = 11,000 x 1/2
= $5,500
Cash received by Hewitt = Capital, Hewitt - Loss to be shared by Hewitt
= 28,000 - 5,500
= $22,500
Cash received by Patel = Capital, Patel - Loss to be shared by Patel
= 18,000 - 5,500
= $12,500
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