Sameer, Hani, and Ali are partners in SHA Partnership. On 1/1/2021, they decide to liquidate their...

 

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Sameer, Hani, and Ali are partners in SHA Partnership. On 1/1/2021, they decide to liquidate their business. On 31/12/2020, and before closing the net income for 2020, you have the following accounts and balances: $ 52.000 Cash Non cash Assets Liabilities Sameer's capital Hani's capital Ali's capital You know that: 215,000 5,000 134,000 78,000 10,000 Net income for the year 2020 was $40,000. Non cash assets are sold for $160,000 cash Partners share income/ loss in a 4:3:3 ratio, respectively. Required: Calculate the amount of Cash distribution to Sameer, after the liquidation process is over. with no $ signs or commas. That is, if your answer.is $1,000, white it as: 1000) Sameer, Hani, and Ali are partners in SHA Partnership. On 1/1/2021, they decide to liquidate their business. On 31/12/2020, and before closing the net income for 2020, you have the following accounts and balances: $ 52.000 Cash Non cash Assets Liabilities Sameer's capital Hani's capital Ali's capital You know that: 215,000 5,000 134,000 78,000 10,000 Net income for the year 2020 was $40,000. Non cash assets are sold for $160,000 cash Partners share income/ loss in a 4:3:3 ratio, respectively. Required: Calculate the amount of Cash distribution to Sameer, after the liquidation process is over. with no $ signs or commas. That is, if your answer.is $1,000, white it as: 1000)

Answer rating: 100% (QA)

I Net Income for the year 40000 Loss on sale of ass... View the full answer