Partnership agreement provides that profits are to be shared

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Reference no: EM131515239

Dill and Edy formed a partnership. Edy's capital contribution is $10,000, and Dill's capital contribution is$15,000. The partnership agreement provides that profits are to be shared, with 40% of the profits going to Edy and 60% of the profits going to Dill. Later, Edy made a $10,000 loan to the partnership when it needed working capital. When the partnership decided to dissolve, its assets are $50,000 total, and its debts are $8.000. How should the assets be distributed - in what specific amounts - and why? Show calculations.

Reference no: EM131515239

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