A partnership held three assets: Cash,$13,000;Land,$45,000;and a Building,$65,000.The partners anticipated that expenses required to liquidate their partnership would amount to $6,000.Capital balances were as follows:
King,Capital: $32,700
Murphy,Capital: 36,400
Madison,Capital: 26,000
Pond,Capital: 27,900
The partners shared profits and losses 30:30:20:20,respectively.
Required:
If a preliminary distribution of cash was to be made,how much would each of the partners have received?

Question

Quizplus · Accepted Answer

The Answer of A partnership held three assets: Cash,$13,000;Land,$45,000;and a Building,$65,000.The partners anticipated that expenses required to liquidate their partnership would amount to $6,000.Capital balances were as follows:
King,Capital: $32,700
Murphy,Capital: 36,400
Madison,Capital: 26,000
Pond,Capital: 27,900
The partners shared profits and losses 30:30:20:20,respectively.
Required:
If a preliminary distribution of cash was to be made,how much would each of the partners have received?

A Partnership Held Three Assets: Cash,$13,000;Land,$45,000;and a Building,$65,000