A local partnership has assets of cash

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A local partnership has assets of cash of $5,000 and a building worth $60,000. All liabilities have been paid and the partners are all insolvent. The partners' capital accounts are as follows Bob $35,000, Ed $20,000 and Joe 18,000. The partners share profits and losses 4:4:2. If the building is sold for $40,000, how much cash will Bob receive in the final settlement?

$36,400.

$29,200.

$27,000.

$20,000.

None of the above.

Reference no: EM13794830

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