Reference no: EM132692097
Question - APPLE, BANANA and CANTALOUPE are partners with capital $50,000, $70,000 and $79,500, each respectively. Their profit and loss ratio is 3:2:5 respectively. The partnership owes CANTALOUPE $20,000, while BANANA owes the partnership $10,000. The partners decide to liquidate and at this time, BANANA receives an equipment given a value of $5,000 from the partnership, in addition, BANANA and CANTALOUPE receive a total of $17,000 and $15,000 non-cash assets remain unsold. The partnership also paid $20,000 liquidating expenses and withheld $20,000 cash from distribution, $5,000 of which is appropriated for unpaid liabilities since their creditors could not be located.
1. How much cash will CANTALOUPE receive?
a) 1,286
b) 5,750
c) 22,000
d) None
2. How much is the loss on sale of the non-cash assets.
a) 152,500
b) 187,500
c) 132,500
d) 137,500
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