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25 March, 22:00

Turner, Roth, and Lowe are partners who share income and loss in a 2:3:5 ratio. After lengthy disagreements among the partners and several unprofitable periods, the partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $164,400; total liabilities, $110,000; Turner, Capital, $5,700; Roth, Capital, $15,600; and Lowe, Capital, $33,100. The cash proceeds from selling the assets were sufficient to repay all but $44,000 to the creditors. Required:

a. Calculate the loss from selling the assets.

b. Allocate the loss from part a to the partners.

c. Determine how much, if any, each partner should contribute to the partnership to cover any remaining capital deficiency.

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  1. 25 March, 22:10
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    Answer:15:35:7
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