Accounting for the liquidation of a partnership
Robbie, Scott, and Van are liquidating their partnership. Before selling the assets and paying the liabilities, the capital balances are Robbie $41,000; Scott, $31,000; and Van, $20,000. The partnership agreement is silent on the division of profits and losses.
Requirements
1. After selling the assets and paying the liabilities, the partnership has cash of $92,000. How much cash will each partner receive in final liquidation?
2. After selling the assets and paying the liabilities, the partnership has cash of $80,000. How much cash will each partner receive in final liquidation?
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.