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What would be the loss allocated for each partner

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A, B, and C are partners with profit-and-loss sharing ratios of 25%, 45%, and 30%, respectively; the partnership balance sheet consisted of cash of $30,000, non-cash assets of $450,000, liabilities of $40,000, and capital balances of $140,000 for A, $60,000 for B, and $50,000 for C; the partnership was liquidated by selling the non-cash assets for $400,000; the partners have sufficient cash to make up any capital deficiencies.

Question 1: What would be the loss allocated for each partner. (show your solution)

Reference no: EM132504663

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