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How much cash will the partners receive

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Question - A local partnership has assets of cash of $35,000 and a building worth $90,000. All liabilities have been paid and the partners are all insolvent. The partners capital accounts are as follows Harry $70,000, Landers $30,000 and Waters 25,000. The partners share profits and losses 4:4:2.

If the building is sold for $70,000,

a. How much cash will the partners receive in the final settlement?

b. Journal Entries for Selling of Assets, Payment of Liabilities, and Settlement of Capital?

Reference no: EM132939920

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