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Determine the amount distributable to A and B in liquidation

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Reference no: EM132488426

Question - PARTNERSHIP LIQUIDATION

Use the following information for the next two cases:

A and B decided to liquidate their partnership. The partnership's records show the following information:

Cash -

Non-cash assets 80,000

Total assets 80,000

Liabilities 15,000

Loan payable to Partner A 10,000

Loan payable to Partner B 17,000

A, capital (80%) 20,000

B, capital (20%) 18,000

Total liabilities and equity 80,000

Case #1: Lump-sum liquidation

All the non-cash assets are sold for ?50,000.

Requirement: Determine the amount distributable to A and B in liquidation.

Reference no: EM132488426

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