A local partnership was in the process of liquidating and reported the following capital balances: $\begin{array}{lc}
\text { Justice, capital ( } 40 \% \text { share of all profits and losses) } & \$ 23,000 \
\text { Zobart, capital }(35 \%) & 22,000 \
\text { Douglass, capital }(25 \%) & (14,000)
\end{array}$ Douglass indicated that the $14,000 deficit would be covered by a forthcoming contribution. However, the two remaining partners asked to receive the $31,000 that was then in the cash account. How much of this money should Justice receive?

Question

Quizplus · Accepted Answer

The Answer of A local partnership was in the process of liquidating and reported the following capital balances: $\begin{array}{lc}
\text { Justice, capital ( } 40 \% \text { share of all profits and losses) } & \$ 23,000 \
\text { Zobart, capital }(35 \%) & 22,000 \
\text { Douglass, capital }(25 \%) & (14,000)
\end{array}$ Douglass indicated that the $14,000 deficit would be covered by a forthcoming contribution. However, the two remaining partners asked to receive the $31,000 that was then in the cash account. How much of this money should Justice receive?

A Local Partnership Was in the Process of Liquidating and Reported