The following condensed balance sheet is presented for the partnership of D, E, and F who share profits and losses in the ratio of 5:3:2, respectively: The partners agreed to liquidate the partnership after selling the other assets.
Refer to the above information. If the other assets are sold for $80,000, and all partners are personally insolvent, how much should E receive upon liquidation?

Question

The following condensed balance sheet is presented for the partnership of D, E, and F who share profits and losses in the ratio of 5:3:2, respectively:  The partners agreed to liquidate the partnership after selling the other assets.
Refer to the above information. If the other assets are sold for $80,000, and all partners are personally insolvent, how much should E receive upon liquidation?

Quizplus · Accepted Answer

The Answer of The following condensed balance sheet is presented for the partnership of D, E, and F who share profits and losses in the ratio of 5:3:2, respectively:  The partners agreed to liquidate the partnership after selling the other assets.
Refer to the above information. If the other assets are sold for $80,000, and all partners are personally insolvent, how much should E receive upon liquidation?

The Following Condensed Balance Sheet Is Presented for the Partnership