Reference no: EM132836993
The accounts of the partnership of R, S, and T at the end of the fiscal year on November 30, 2021 are as follows:
Cash 415,000
Non-cash assets 2,830,000
Loans to R 60,000
Liabilities 1,050,000
Loans from S 80,000
R, Capital 1,065,000
S, Capital 545,000
T, Capital 565,000
R, S and T have been sharing profits and losses in the ratio of 5:3:2, respectively.
Question 1: Who is the most vulnerable to losses among the partners?
Question 2: If in the first cash distribution, S received 200,000 how much was received by R?
Question 3: If in the first cash distribution, S received 200,000 how much was realized from the first sale of non-cash assets?
Question 4: If in the first cash distribution, T received 200,000 and assets with carrying value of 1,200,000 were sold, how much was the recognized gain or loss on the sale of these assets?
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