On December 31,20x5,the R & J Partnership had the following assets,liabilities,and partners' equity:
When the partners agreed to liquidate the business,the assets were sold for $180,000 and the liabilities were paid.R and J share profits and losses in a ratio of 2:1,respectively.What is the final cash distribution to each partner after liquidation?

Question

On December 31,20x5,the R & J Partnership had the following assets,liabilities,and partners' equity:
  When the partners agreed to liquidate the business,the assets were sold for $180,000 and the liabilities were paid.R and J share profits and losses in a ratio of 2:1,respectively.What is the final cash distribution to each partner after liquidation?

Quizplus · Accepted Answer

The Answer of On December 31,20x5,the R & J Partnership had the following assets,liabilities,and partners' equity:
  When the partners agreed to liquidate the business,the assets were sold for $180,000 and the liabilities were paid.R and J share profits and losses in a ratio of 2:1,respectively.What is the final cash distribution to each partner after liquidation?

On December 31,20x5,the R & J Partnership Had the Following