Prior to liquidating their partnership, Craig and Jenny had capital accounts of $70,070 and $139,700, respectively. The partnership assets were sold for $256,500. The partnership had $29,950 of liabilities. Craig and Jenny share income and losses equally.

Determine the amount received by Jenny as a final distribution from liquidation of the partnership.

Answer rating: 100% (QA)

Calculation as prior to liquidate of partnerships assets sold were 256500 and liabilities were 29950 so account would be 226550 now they are having partnership ... View the full answer