10. In the liquidation of a partnership, the balances prior to the distribution of cash to...
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10. In the liquidation of a partnership, the balances prior to the distribution of cash to the partners are: Cash $204,000; Thatcher, Capital $112,000; Bennett, Capital $104,000; and Hays, Capital Deficiency $(12,000). The profit and loss ratio is 6:2:2, respectively. How much cash should be distributed to Bennett if Hays does not pay his capital deficiency? a. $101,600. b. $101,000. C. $100,000. d. $98,000. 10. In the liquidation of a partnership, the balances prior to the distribution of cash to the partners are: Cash $204,000; Thatcher, Capital $112,000; Bennett, Capital $104,000; and Hays, Capital Deficiency $(12,000). The profit and loss ratio is 6:2:2, respectively. How much cash should be distributed to Bennett if Hays does not pay his capital deficiency? a. $101,600. b. $101,000. C. $100,000. d. $98,000.
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Correct answer is Option B 101000 Detailed working is given below Details available in question are ... View the full answer
Related Book For
Advanced Accounting
ISBN: 978-0538480284
11th edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
Posted Date:
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