The following condensed balance sheet is presented for the partnership of H,I,and J who share profits and losses in the ratio of 4:3:3,respectively:
The partners agree to liquidate the partnership after selling the other assets.
-Refer to the above information.If the other assets are sold for $140,000 and all partners are personally insolvent,how much should I receive upon liquidation?

Question

The following condensed balance sheet is presented for the partnership of H,I,and J who share profits and losses in the ratio of 4:3:3,respectively:
  The partners agree to liquidate the partnership after selling the other assets.
-Refer to the above information.If the other assets are sold for $140,000 and all partners are personally insolvent,how much should I receive upon liquidation?

Quizplus · Accepted Answer

The Answer of The following condensed balance sheet is presented for the partnership of H,I,and J who share profits and losses in the ratio of 4:3:3,respectively:
  The partners agree to liquidate the partnership after selling the other assets.
-Refer to the above information.If the other assets are sold for $140,000 and all partners are personally insolvent,how much should I receive upon liquidation?

The Following Condensed Balance Sheet Is Presented for the Partnership