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How much cash would each partner have received

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Question - The Amos, Billings, and Cleaver partnership had two assets: (1) cash of $40,000 and (2) an investment with book value of $110,000. The ratio for sharing profits and losses is 2:1:1. The balance 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?

Reference no: EM132003976

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