A local partnership was in the process of liquidating and reported the following Capital account balances: 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 the $31,000 in the cash account should Justice receive?

Question

A local partnership was in the process of liquidating and reported the following Capital account balances:  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 the $31,000 in the cash account should Justice receive?

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The Answer of A local partnership was in the process of liquidating and reported the following Capital account balances:  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 the $31,000 in the cash account should Justice receive?

A Local Partnership Was in the Process of Liquidating and Reported