A local partnership PJS is undergoing the process of liquidation. All outstanding liabilities have been paid prior to liquidation. The following represents the updated balance sheet:
Peters, Jones and Smith share profits and losses 4:4:2, respectively.
If the building is sold for $160,000 and liquidation expenses are expected to be $15,000, how much cash will each partner receive in the final settlement?
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Abrams, Bartle, and Creighton share profits and losses in a
ratio of 3:2:5. Liquidation expenses are expected to be $3,000. The
noncash assets were sold for $200,000.
Which partner(s) would be required to contribute assets
to the partnership to cover a deficit in his or her capital
account? Calculate the safe payments for the remaining partner (s)
i.e. those with non-deficit balances.
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