A local partnership was in the process of liquidating and reported the following capital balances:

Douglass indicated that the $14,000 deficit would be covered by a forthcoming contribution. However, the two remaining partners asked to receive the $31,000 that was then in the cash account.
How much of this money should Zobart receive?

Question

A local partnership was in the process of liquidating and reported the following capital balances:

Douglass indicated that the $14,000 deficit would be covered by a forthcoming contribution. However, the two remaining partners asked to receive the $31,000 that was then in the cash account.
How much of this money should Zobart receive?

Quizplus · Accepted Answer

The Answer of A local partnership was in the process of liquidating and reported the following capital balances:

Douglass indicated that the $14,000 deficit would be covered by a forthcoming contribution. However, the two remaining partners asked to receive the $31,000 that was then in the cash account.
How much of this money should Zobart receive?

A Local Partnership Was in the Process of Liquidating and Reported