Reference no: EM132523314
Question - Final Cash Distribution to Partners
The partnership of Sarabia, Selisana and Gevera is about to be liquidated. All the assets have been sold for cash and the creditors have benn fully paid. The capital accounts of the partners have the following balances at the date of liquidation:
[Sarabia: 600,000 credit]
[Selisana: 240,000 debit]
[Gevera: 360,000 credit]
The three partners share profits and losses equally. There remains 720,000 cash for distribution to the partners.
Required - Determine the manner of distribution of the remaining 720,000 under the following independent assumptions:
1. Selisana is personally insolvent. He has no personal assets.
2. Selisana is personally solvent and is willing to contribute additional funds into the partnership to cover his deficit.
3. Selisana is willing to make additional contributions but his personal assets are not sufficient to accommodate the deficit in his capital account. Only 60% of the deficiency can be covered.
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