Solution-What the liquidation will result in the remaining

What the liquidation will result in the remaining cash

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Problem 1: The partnership of Castle, Frank, and Hampton was liquidated and all assets were turned into cash. After the partnership creditors were paid, $30,000 of cash remained. At this point, the capital accounts of the partners had the following balances: Castle, $6,000 debit (a deficit); Frank, $12,000 credit; and Hampton, $24,000 credit. The partners share profits and losses equally. The liquidation (assuming Castle cannot pay his deficit) will result in the remaining cash of $30,000 being distributed:

a. $10,000 to each partner.

b. Nothing to Castle, $15,000 to Frank, and $15,000 to Hampton.

c. Nothing to Castle, $ 9,000 to Frank, and $21,000 to Hampton.

d. Nothing to Castle, $10,000 to Frank, and $20,000 to Hampton.

e. In some other manner.

Reference no: EM132780710

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What the liquidation will result in the remaining cash

Reference no: EM132780710

Reference no: EM132780710

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