ACC 407 Week 1 DQ 1 Partnership Agreements Complete Case C15 1

ACC 407 Week 1 DQ 1 Partnership Agreements Complete Case C15 1


J
Asked by 8 months ago
0 points

E16-8 Cash Distribution Plan

Adams, peters, and Blake share Profits and losses for their APB Partnership in a ratio of 2:3:5.

When they decide to liquidate, the balance sheet is as follows:

Assets

Liabilities and Equities

Cash

40,000

Liabilities

50,000

Adams, Loan

10,000

Adams, Capital

55,000

Other Assets

200,000

Peters, Capital

75,000

Blake, Capital

70,000

Total Assets

250,000

Total Liabilities and Equities

250,000

Liquidation expenses are expected to be negligible, No interest accrues on loans with partners after termination of the business.

Required: Prepare a cash distribution plan for the APB Partnership.

Solution:

Assumption: Other assets are assumed to be sold at the book value of 200,000 as its market or sale value is not given.

CASH DISTRIBUTION PLAN

Cash

Adams,...

ACC 407
jacob

1 Answer

J
Answered by 8 months ago
0 points

Oh Snap! This Answer is Locked

ACC 407 Week 1 DQ 1 Partnership Agreements Complete Case C15 1

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Excerpt from file: E16-8 Cash Distribution Plan Adams, peters, and Blake share Profits and losses for their APB Partnership in a ratio of 2:3:5. When they decide to liquidate, the balance sheet is as follows: Assets Liabilities and Equities 40,00 50,00 Cash 0 Liabilities 0 Adams, Loan 10,000 Adams, Capital 55,000

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Asked: 8 months ago

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