L is entering into liquidation and you are given the following account balances: 155,000 1,350,000 1,505,000...

 

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L is entering into liquidation and you are given the following account balances: 155,000 1,350,000 1,505,000 220,000 30,000 255,000 325,000 675,000 1,505,000 Cash Noncash assets Total assets Liabilities Loan from A J, Capital (20%) C, Capital (20%) A, Capital (60%) Total liabilities and equity During September, noncash assets with a book value of 375,000 were sold for 320,000. L paid 35,000 for the liquidation expenses it incurred and it also paid half of its liabilities to outside creditors. Creditors whose account balances amount to 30,000 decided to condone L's liabilities and 4 of the cash received from the sale of noncash asset were distributed to the partners. a. How much is the J share in the maximum possible loss? b. How much is the A's capital after the first cash distribution? C. How much is the total cash withheld? L is entering into liquidation and you are given the following account balances: 155,000 1,350,000 1,505,000 220,000 30,000 255,000 325,000 675,000 1,505,000 Cash Noncash assets Total assets Liabilities Loan from A J, Capital (20%) C, Capital (20%) A, Capital (60%) Total liabilities and equity During September, noncash assets with a book value of 375,000 were sold for 320,000. L paid 35,000 for the liquidation expenses it incurred and it also paid half of its liabilities to outside creditors. Creditors whose account balances amount to 30,000 decided to condone L's liabilities and 4 of the cash received from the sale of noncash asset were distributed to the partners. a. How much is the J share in the maximum possible loss? b. How much is the A's capital after the first cash distribution? C. How much is the total cash withheld?

Answer rating: 100% (QA)

Loss from Total 5 500 nuncarh 9sfets 35000P Paud fu... View the full answer