Prior to liquidating their partnership, Ellis and Montgomery had capital accounts of $71,000 and $120,000, respectively....
Prior to liquidating their partnership, Ellis and Montgomery had capital accounts of $71,000 and $120,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $167,000. The partnership had $6,000 of liabilities. Ellis and Montgomery share income and losses equally. Determine the amount received by Ellis as a final distribution from liquidation of the partnership.
$
Homework Answers
Capital, Ellis = $71,000
Capital, Montgomery = $120,000
Liabilities = $6,000
Sale price of assets = $167,000
Loss on disposal of assets = (Capital, Ellis + Capital, Montgomery + Liabilities) - Sale price of assets
= (71,000 + 120,000 + 6,000) - 167,000
= 197,000 - 167,000
= $30,000
Loss to be shared by Ellis = 30,000 x 1/2
= $15,000
Amount received by Ellis as a final distribution from liquidation of the partnership = Capital, Ellis - Loss to be shared by Ellis
= 71,000 - 15,000
= $56,000
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