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4 years ago

The Abrams, Bartle, and Creighton partnership began the process of liquidation with the following balance sheet:

Business

1 answer:

abruzzese [7]4 years ago

8 0

Answer and Explanation:

The contribution of assets to the partnership to cover a deficit is presented below:

Particulars Abram Bartle Creighton

Capital Balance $80,000 $90,000 $130,000

Less:

Allocation of non cash assets sold ($434,000 - $134,000) = $300,000 in 3 : 2 :5 ratio

-$90,000 -$60,000 -$150,000

Liquidation expense -$3,600 -$2,400 -$6,000

Liabilities ($150,000 - $16,000) = $134,000 in 3 : 2 :5 ratio

-$40,200 -.$26,800 -$67,000

Adjusted capital balance -$53,800 $800 -$93,000

So based on the above calculation the Abram and Creighton have to contribute the assets

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