Homework Answers
Book value of assets( Debit side of balance sheet) = Total Capital of Both partner(Credit side of balance sheet)
=$ 105,000 + $55,000 =$160,000
Loss on liquidation = Book value of Assets - Realized value of assets
= $160,000 - $40,000 = $120,000(Loss)
Barns share in loss = $120,000 X 50℅ = $60,000
Barns defeciency = Barns capital prior to liquidation - Barns share in loss = $55,000 - $60,000 =$5,000.
Amount distrubuted to wakefield = Wakefeild capital prior to liquidation - wakefeild share in loss - Barn deficiency
=$105,000 - 60,000 - $5,000
=$40,000
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