The balance sheet of Ryan and Peter firm as on December 31, 2017, is given below. Ryan and Peter share profits in the ratio 3:2. They have decided to liquidate the partnership with immediate effect. The furniture and the equipment were sold at a cumulative loss of $50,000. The accounts receivable were duly received in cash and the other assets were written off as worthless. The cash balance remaining to pay the liabilities is ________.

Question

The balance sheet of Ryan and Peter firm as on December 31, 2017, is given below.  Ryan and Peter share profits in the ratio 3:2. They have decided to liquidate the partnership with immediate effect. The furniture and the equipment were sold at a cumulative loss of $50,000. The accounts receivable were duly received in cash and the other assets were written off as worthless. The cash balance remaining to pay the liabilities is ________.

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The Answer of The balance sheet of Ryan and Peter firm as on December 31, 2017, is given below.  Ryan and Peter share profits in the ratio 3:2. They have decided to liquidate the partnership with immediate effect. The furniture and the equipment were sold at a cumulative loss of $50,000. The accounts receivable were duly received in cash and the other assets were written off as worthless. The cash balance remaining to pay the liabilities is ________.

The Balance Sheet of Ryan and Peter Firm as on December