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Robbie, Scott, and Van are liquidating their partnership. Before selling the assets and paying the liabilities, the capital balances are $41,000: Scott, $31,000; and van, $20,000. The partnership agreement is silent on the division of profits and losses.

1. After selling the assets and paying the liabilities, the partnership has cash of $92,000. How much cash will each partner receive in the final liquidation?

2. After selling the assets and paying the liabilities, the partnership has cash of $80,000. How much cash will each partner receive in the final liquidation?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9404642

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