A local partnership has assets of cash 130000 and land

Reference no: EM13619351

A local partnership has assets of cash $130,000 and land recorded at $700,000. All liabilities have been paid and the partners are all personally insolvent. The partners' capital accounts are as follows Roberts, $550,000, Ferry $300,000 and Mones, $30,000. The partners share profits and losses 5:3:2. If the land is sold for $450,000, how much cash will Mones receive in the final settlement?

Reference no: EM13619351

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