The amos billings and cleaver partnership had two assets 1, Ask an Expert

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The Amos, Billings, and Cleaver partnership had two assets: (1) cash of $40,000 and (2) an investment with a book value of $110,000. The ratio for sharing profits and losses is 2:1:1. The balances in the capital accounts were:

Amos, capital $45,000
billings, capital $75,000
Cleaver, capital $30,000

Required: If the investment was sold for $80,000, how much cash would each partner have received?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9968799

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