Hilliard, Downey, and Petrov are partners sharing income 3:2:1. After the firms loss from liquidation is distributed,

Question:

Hilliard, Downey, and Petrov are partners sharing income 3:2:1. After the firm’s loss from is distributed, the capital account balances were: Hilliard, $24,000 Dr.; Downey, $90,000 Cr.; and Petrov, $64,000 Cr. If Hilliard is personally bankrupt and unable to pay any of the $24,000, what will be the amount of cash received by Downey and Petrov upon Liquidation
Liquidation in finance and economics is the process of bringing a business to an end and distributing its assets to claimants. It is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations when they are due....