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How much were the total liabilities of the partnership

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Question - On January 1, 20x1, A and B, who share profits and losses on a 60:40 ratio, decided to liquidate their partnership. As of this date, their capital balances were 1,200,000 and 600,000, respectively. Before liquidation, the partnership had total assets of 2,000,000. Net proceeds received from the sale of non-cash assets amounted to 1,200,000. A received 768,000 in the settlement of the partners' capital balances. How much were the total liabilities of the partnership?

Reference no: EM133003278

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