Table 12-15
Martha, Queen and Stuart Are in the Process

Table 12-15
Martha, Queen and Stuart are in the process of liquidating their partnership. They share profits and losses in a 2:3:1 ratio. Following is the current balance sheet for the partnership:
$\begin{array}{llll}\text { Cash } & \$ 90,000 & \text { Liabilities } & \$ 80,000 \\\text { Other assets } & 200,000 & \text { Martha, capital } & 60,000\\&&\text { Queen, capital }&110,000\\&&\text { Stuart, capital }&40,000\end{array}$ Total assets $~~~~~~~~~~ \underline{\$290.000} ~~~~~~~~~~~~$ Total liabilities and canital $~~~~~~~~~~~~~ \underline{\$290.000}$
-Refer to Table 12-15 If the other assets are sold for $230,000 calculate the amount that will be received by each of the partners upon the liquidation of the partnership.