Reference no: EM133073459
Question - On December 31, 2018, the BAR Partnership of BART, ARTHUR and BART have the following accounts and balances: BART, Capital (50%), 297,000; ARTHUR, Capital (30%), 220,000; ROLLY, Capital (20%), 195,000; Loans Payable-ARTHUR, 72,000; Accounts Receivable-BART, 36,000; ROLLY, Drawing 36,000. Because of unsuccessful operation for the last 2 years, the partners decided to liquidate after closing the books on December 31, 2018. On this date, the total assets amounted to 1,056,000 including cash of 321,000. During the liquidation process, all the non-cash assets were taken by its competitor. Liabilities were settled, liquidation expenses of 15,000 were paid and the balance was distributed to the partners. Ultimately, ROLLY received 125,000 in the final settlement.
Required -
1. Determine the amount realized from the sale of non-cash assets.
2. Determine the amount received by Arthur and Bart as return of their capitals were?
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