Problema local partnership was in the process of, Ask an Expert

Accounting

Problem

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

Justice Capital (40% income share) $23,000

Zobart Capital (35% income share) $22,000

Douglas Capital (25% income share) ($14,000)

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 available. How much of this money should Zobart receive?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92746986

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