Robbie, Scott, and Van are liquidating their partnership. Before selling the assets and paying the liabilities, the

Question:

Robbie, Scott, and Van are liquidating their Before selling the assets and paying the liabilities, the capital balances are Robbie $41,000; Scott, $31,000; and Van, $20,000. The agreement is silent on the division of profits and losses.
Requirements
1. After selling the assets and paying the liabilities, the has cash of $92,000. How much cash will each partner receive in final liquidation?
2. After selling the assets and paying the liabilities, the has cash of $80,000. How much cash will each partner receive in final liquidation?

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...