=+PR 12-4B Admitting new partner obj. 3

✔ 3. Total assets,

$333,000 Chapter 12 Accounting for Partnerships and Limited Liability Companies 571 After the accounts are closed on July 3, 2010, prior to liquidating the partnership, the capital accounts of Whitney Lacy, Eli Oliver, and Alberto Diaz are $28,200, $7,800, and $37,200, respectively. Cash and noncash assets total $5,800 and $82,400, respectively. Amounts owed to creditors total $15,000. The partners share income and losses in the ratio of 2:1:1.

Between July 3 and July 29, the noncash assets are sold for $33,200, the partner with the capital deficiency pays his deficiency to the partnership, and the liabilities are paid.

Instructions