Question

Prior to liquidation, the following information relates to the partnership:
Partnership trial balance:
On June 30, other assets with a book value of $160,000 were sold for $120,000, and all available cash with the exception of $20,000 was used to reduce the partnership liabilities. At that time, partners with debit (deficit) capital balances were required to contribute additional capital to whatever extent possible. On July 28, the remaining assets of the partnership were sold for $10,000. Once again, partners with debit (deficit) capital balances were required to contribute additional capital to whatever extent possible. Net personal assets of the partners were as follows:
Required
Assuming that the unsatisfied partnership creditors first look to Adams for satisfaction and then to Chenery, determine the amount to be contributed by each partner to satisfy the creditors.


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  • CreatedApril 13, 2015
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