Question

Stricklan and Carper are partners who share profits and losses equally. The credit balances of their Capital accounts before liquidation are $ 70,000 and $ 90,000, respectively. When they liquidate their partnership, they sell the noncash assets and pay all of the partnership’s liabilities, leaving a balance of $ 110,000 in cash.
(a) What is the amount of loss or gain on realization?
(b) How much cash should be distributed to each partner?



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  • CreatedOctober 21, 2014
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