Solution-What amount of loss on realization should be

What amount of loss on realization should be allocated to a

Reference no: EM132756446

Problem 1: Tim, Don, and Hans are partners with capital balances of $20,000, $30,000, and $50,000 respectively. They share income in the ratio of 3:2:1. Income Summary with a debit balance of $30,000 is closed to the capital accounts. Don withdraws from the partnership. *

A. $30,000

B. $20,000

C. $40,000

D. $24,000

Problem 2: A and B are partners who share income in the ratio of 1:2 and have capital balances of $40,000 and $70,000 at the time they decide to terminate the partnership. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $80,000. What amount of loss on realization should be allocated to A?

A. $80,000

B. $10,000

C. $20,000

D. $30,000

Reference no: EM132756446

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What amount of loss on realization should be allocated to a

Reference no: EM132756446

Reference no: EM132756446

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