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What the total amount Joey has received as of August

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Question - Justin, Joaquin and Joey share profits in the ratio of 5:3:2 and uses priority program. The following balances are obtained prior to the partnership liquidation.

 

Justin

Joaquin

Joey

Capital balances

120,000

90,000

40,000

Loan balances

45,000

30,000

13,000

Assets are sold and cash is distributed to the partners in monthly instalments during the course of liquidation as follows: May -15,000 July- 90,000 June- 40,000 August (Final distribution)- 30,000

Required -

1. What the total amount received by Joaquin in July?

a. 28,350

b. 47,250

c. 14,400

d. 47,304

e. none of these

2. What the total amount Joey has received as of August?

a. 23,000

b. 9,000

c. 20,400

d. 6,000

e. none of these

Reference no: EM132824325

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