A local partnership has only two assets cash of 10000 and, Ask an Expert

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A local partnership has only two assets (cash of $10,000 and land with a cost of $35,000). All liabilities have been paid and the following capital balances are currently being recorded. The partners share profits and losses as follows. All partners are insolvent.

Brown, capital (40%) $25,000
Fish, capital (30%) 15,000
Stone, capital (30%) 5,000

If the land is sold for $25,000, how much cash does each partner receive in a final settlement?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9981014

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