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How much total loss was charged against the capital

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Samala, Sanchez and Santos decided to dissolve the partnership on June 30, 2021. Their capital balances and profit and loss ratio on this date are: Samala, 672,000 (45%); Sanchez, 864,000 (25%); and Santos, 384,000 (30%). The profit from January 1 through June 30 is 144,000. Also on this date, cash and liabilities are 504,000 and 696,000, respectively.

Problem 1: What was the carrying value of the non-cash assets?

Problem 2: If Santos received 499,200 in full settlement of his interest in the firm, how much should have been received by Samala?

Problem 3: If only 449,600 was realized from the non-cash assets and 80,000 liquidation expenses were paid, how much total loss was charged against the capital of Santos?

Reference no: EM132836988

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