Problemprior to liquidating their partnership ellis and, Ask an Expert

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Prior to liquidating their partnership, Ellis and Gentry had capital accounts of $34,000 and $49,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $81,000. The partnership had $5,000 of liabilities. Ellis and Gentry share income and losses equally.

Determine the amount received by Gentry as a final distribution from liquidation of the partnership.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92799731

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