How much cash will be distributed to partner in liquidation

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Reference no: EM13825149

After the partnership has been operating for a year, the Capital accounts of Bob and Kim are $15,000 and $10,000, respectively. The firm has cash of $12,000 and office equipment of $13,000. The partners decide to liquidate the partnership. The office equipment is sold for only $4,000. Assuming the partners share income and losses in the ratio of one-third to Bob and two-thirds to Kim, how much cash will be distributed to each partner in liquidation?

Reference no: EM13825149

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