Please help with and explain 1 and 2:

Unit 7 Post Problems 1 and 2

1. A partnership has the following capital balances:

A ( 20% of profits and losses) $ 100,000

B ( 30% of profits and losses) $ 120,000

C ( 50% of profits and losses) $ 180,000

If the partnership is to be liquidated and $ 30,000 becomes immediately available, who gets that money? Show your work:

2. The following balance sheet is for a local partnership in which the partners have become very unhappy with each other.

To avoid more conflict, the partners have decided to cease operations and sell all assets. Using this information, answer the following questions. Each question should be viewed as an independent situation related to the partnerships liquidation.

a. The $ 10,000 cash that exceeds the partnership liabilities is to be disbursed immediately. If profits and losses are allocated to Adams, Baker, Carvil, and Dobbs on a 2: 3: 3: 2 basis, respectively, how will the $ 10,000 be divided?

b. The $ 10,000 cash that exceeds the partnership liabilities is to be disbursed immediately. If profits and losses are allocated on a 2: 2: 3: 3 basis, respectively, how will the $ 10,000 be divided?

Show your work.