A local dental partnership has been liquidated and the final capital balances are as follows: Atkinson,...
|
A local dental partnership has been liquidated and the final capital balances are as follows: |
| Atkinson, capital (40% of all profits and losses) | $ 83,000 | |
| Kaporale, capital (30%) | 43,000 | |
| Dennsmore, capital (20%) | (57,000 | ) |
| Rasputin, capital (10%) | (69,000 | ) |
|
If Rasputin contributes additional cash of $24,500 to the partnership, what should happen to it? (Do not round intermediate calculations.) |
Homework Answers
Answer:
| Atkinson | Kaporale | Dennsmore | Rasputin | |
| Cash Distribution | $24,500 | $0 | $0 | $0 |
Explanation:
| Atkinson | Kaporale | Dennsmore | Rasputin | |
| Capital Balance | $83,000 | $43,000 | $(57,000) | $(69,000) |
| Cash Contribution | $24,500 | |||
| Adjusted Balance | $83,000 | $43,000 | $(57,000) | $(44,500) |
| Potential loss from Dennsmore and Rasputin of (101,500) to be split between Atkinson & Kaporale in the ratio 4:3 | (101,500 * 4/7) = $(58,000) | (101,500 * 3/7) = $(43,500) | $57,000 | $44,500 |
| Adjusted Balance | $25,000 | $(500) | $0 | $0 |
| Potential loss from Kaporale | $(500) | $500 | ||
| Cash Distribution | $24,500 | $0 | $0 | $0 |
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