The balance sheet of the Maude,Ned,and Oscar partnership on November 1,2014 (before commencement of partnership liquidation)was as follows:
Liquidation events in November were as follows:
- All the inventory was sold for $10,000 above book value;
- Plant assets with a book value of $60,000 were sold for $34,000.
Required:
Determine how the available cash on November 31,2014 should be distributed.

Question

The balance sheet of the Maude,Ned,and Oscar partnership on November 1,2014 (before commencement of partnership liquidation)was as follows:  
Liquidation events in November were as follows:
- All the inventory was sold for $10,000 above book value;
- Plant assets with a book value of $60,000 were sold for $34,000.
Required:
Determine how the available cash on November 31,2014 should be distributed.

Quizplus · Accepted Answer

The Answer of The balance sheet of the Maude,Ned,and Oscar partnership on November 1,2014 (before commencement of partnership liquidation)was as follows:  
Liquidation events in November were as follows:
- All the inventory was sold for $10,000 above book value;
- Plant assets with a book value of $60,000 were sold for $34,000.
Required:
Determine how the available cash on November 31,2014 should be distributed.

The Balance Sheet of the Maude,Ned,and Oscar Partnership on November