D, E & F are partners. According to the articles of copartnership they agree to share profit and loss in the ratio of 40%. 40% and 20%... The partners have agreed to liquidate and anticipate liquidation expense would total $28,000. Prior to liquidation the following balance were available:

Cash $50,000

Noncash Assets $400,000

Notes Payable to E $24,000

Other liabilities $330,000

D Capital $80,000

E Capital $36,000

F Capital (Deficit) ($20,000)

Instructions: Assuming actual liquidation expenses are $40,000 and that noncash assets sold for$360,000.

Determine how the assets will be distributed. F had net personal assets of $20,000.