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Question - A, B, and C divide their profits and losses equally. Prior to liquidating their partnership, their respective account balances were
A - 50,000
B - 96,000
C - 74,000
Their total assets included cash of 5,000 and loan to A for 10,000. While their total liabilities of 90,000 included loan from C for 30,000.
The partners agreed to contribute cash as it becomes available, at the end of each month. On February 28, 2017, some assets were realized. After paying liabilities and liquidation expenses of 6,000, the partnership had 140,000 left.
How much will A receive in the 1st cash distribution?
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