Question

Q, R, S, and T are partners, sharing profits and losses 40%:20%:20%:20%, respectively. After sale of firm assets and payment of the available cash to the partnership creditors, a partnership trial balance and the personal status of each partner are as follows:


The partnership operates in a state that has adopted the Uniform Partnership Act.

Required:
A. What are the rights of the partnership creditors on the unpaid balance of $2,000?
B. What are the rights of the individual creditors of each partner?
C. Assuming that Q pays the partnership creditors, prepare a schedule to show how the settlement by the partners will be completed.
D. Indicate the amount of assets that will be available to the personal creditors of R after the settlement by the partners.
E. Indicate the amount of assets that will be available to the personal creditors of T after the settlement by thepartners.


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  • CreatedMarch 16, 2015
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