Justin, Joaquin and Joey share profits in the ratio of 5:3:2 and uses priority program. The...

 

Transcribed Image Text:

Justin, Joaquin and Joey share profits in the ratio of 5:3:2 and uses priority program. The following balances are obtained prior to the partnership liquidation. Capital balances Loan balances Justin 120,000 45,000 Joaquin 90,000 30,000 Joey 40,000 13,000 Assets are sold and cash is distributed to the partners in monthly instalments during the course of liquidation as follows: May -15,000 July- 90,000 June- 40,000 August (Final distribution)- 30,000 1. The total amount received by Joaquin in July is? 2. The total amount Joey has received as of August is? Justin, Joaquin and Joey share profits in the ratio of 5:3:2 and uses priority program. The following balances are obtained prior to the partnership liquidation. Capital balances Loan balances Justin 120,000 45,000 Joaquin 90,000 30,000 Joey 40,000 13,000 Assets are sold and cash is distributed to the partners in monthly instalments during the course of liquidation as follows: May -15,000 July- 90,000 June- 40,000 August (Final distribution)- 30,000 1. The total amount received by Joaquin in July is? 2. The total amount Joey has received as of August is?

Answer rating: 100% (QA)

To determine the total amount received by Joaquin in July and the total amount Joey has received as ... View the full answer