Reference no: EM133108039
Question - On January 1, 2020, L Company entered into liquidation. The partner's capital. balances on this date are as follows:
A (25%) 125,000
C (35%) 270,000
J (40%) 185,000
The partnership has liabilities amounting to 220,000, including a loan from C (30,000), cash on hand before the start of liquidation is 40,000. With the information given, answer the following independent situation:
a. Certain assets were sold for 370,000 and the rest of the non-cash assets were sold at 210,000. How much is the cash to be distributed to the partners?
b. After exhausting the non-cash assets of the partnership, how much cash must be invested by the partners to satisfy the claims of the outside creditors and to pat the amount due to the partners?
c. If C received 112,750, how much was loss from the realization of the non-cash assets?
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