How much did a and b receive in the first cash distribution

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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

Problem 1: The non-cash assets are to be sold in installments and the partners' claims are to be settled as cash becomes available. In the first sale, half of the non-cash assets were sold for ?15,000. How much did A and B receive in the first cash distribution?

Reference no: EM132808253

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