A local partnership was in the process of liquidating and reported the following capital balances: Justice, Capital

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A local partnership was in the process of liquidating and reported the following capital balances:

Justice, Capital (40% share of all profits and loss $23,000
Zobart, capital (35%) 22,000
Douglass, Capital (25%) 14,000

Douglass indicated that the $14,000 deficit would be covered by a forthcoming contribution. However, the two remaining partners asked to receive the $31,000 that was then in the cash account.

How much of this money should Zobart receive?

Related Book For answer-question

Financial Accounting

ISBN: 9780136899037

13th Edition

Authors: C. William Thomas, Wendy M Tietz

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Posted Date: Apr 10, 2024 02:47 AM

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A local partnership was in the process of liquidating and reported the following capital balances: Justice, Capital

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Heres how to determine how much Zobart should receive from the cash account Total Capital Balance as... View the full answer

Financial Accounting

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