Question

Fred and george have been in partnership for many years. the partners, who share profits and losses on a 60:40 basis, respectively, wish to retire and have agreed to liquidate the business. liquidation expenses are estimated to be $10,000. at the date the partnership ceases operations, the balance sheet is as follows:

Answer 1

I'm not gonna tell u the answer but u have to set 60:40 as a ratio to set it as a ratio u put 60/40 and then simplify to simplify those two number u have to divide by ten and find the relationship of those two number after y simplify and get ur number u scale up or down so after All those u have a fraction and then do the steps all over to $10,000