partnership problems | Accounting homework help

Cash Distribution Plan

 

Adams, peters, and Blake share Profits and losses for their APB Partnership in a ratio of 2:3:5.

When they decide to liquidate, the balance sheet is as follows:

Assets

Liabilities and Equities

Cash

$40,000

Liabilities

$50,000

Adams, Loan

10,000

Adams, Capital

55,000

Other Assets

200,000

Peters, Capital

75,000

   

Blake, Capital

70,000

Total Assets

$250,000

Total Liabilities and Equities

$250,000

 

Liquidation expenses are expected to be negligible, No interest accrues on loans with partners after termination of the business.

 

 

Required: Prepare a cash distribution plan for the APB Partnership.

 

Be sure to show your work not just the final answer.  Partial credit is awarded for your effort as well as accuracy.  Showing your work demonstrates your understanding of the concept even if the final answer is incorrect.

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