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How much should JERK absorb

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Reference no: EM132931361

Question - The following capital account balances and the corresponding profit and loss ratio:

 

Capital Balances

P & L ratio

PERK

1,050,000

30%

JERK

750,000

20%

AYK

1,050,000

50%

The partners agreed to dissolve the business and upon liquidation, all of the partnership assets are sold and sufficient cash is realized to pay all the claims except one for P150,000.

AYK is personally insolvent, but the other two partners are able to meet any indebtedness to the firm.

On the partnership claim against the partnership, how much should JERK absorb?

Reference no: EM132931361

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