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The following condensed balance sheet is presented for the partnership of Axel, Barr and Cain, who share profits and losses in the ratio of 4:3:3, respectively.

The following condensed balance sheet is presented for the partnership of Axel, Barr and Cain, who share profits and losses in the ratio of 4:3:3, respectively.

The following condensed balance sheet is presented for the partnership of Axel, Barr and Cain, who share profits and losses in the ratio of 4:3:3, respectively.

Cash                 100,000

Other assets    300,000

Total assets       400,000

 

Liabilities                                150,000

Axel, capital                             40,000

Barr, capital                            180,000

Cain, capital                            30,000

Total liabilities and capital   400,000

The partners agreed to dissolve the partnership after selling the other assets for $200,000. Upon dissolution of the partnership, how much should each partner receive?(show calculation)

 
manish jayant 10-Sep-2020

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