Solution-How much of the liability should be paid by each

How much of the liability should be paid by each partner

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Problem - Jake, Sacha, and Brianne own a tour company called Adventure Sports. The partners share profit and losses in a 2:3:5 ratio. After lengthy disagreements among the partners and several unprofitable periods, the friends decided to liquidate the partnership. Before the liquidation, the partnership balance sheet showed total assets, $241,900; total liabilities, $203,000; Jake, Capital, $8,300; Sacha, Capital, $10,300; and Brianne, Capital, $20,300. The cash proceeds from selling the assets were sufficient to repay all but $48,000 to the creditors. Jake and Sacha are general partners and Brianne is a limited partner. How much of the remaining $48,000 liability should be paid by each partner?

Reference no: EM132986251

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How much of the liability should be paid by each partner

Reference no: EM132986251

Reference no: EM132986251

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