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A local partnership was considering the possibility of liquidation. Capital balances at that time were as follows. Profits and losses were divided on a 4:2:2:2 basis, respectively.

Ding, Capital $60,000
Laurel, capital $67,000
Ezzard, capital $17,000
Tillman, Capital $96,000

At that time, the partnership held noncash assets reported at $360,000 and liabilities of $120,000. There was no cash on hand at the time.

If the assets could be sold for $228,000, what is the amount that Ding would receive from the liquidation?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92747000

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