Duncan, Tribe, and Ho are partners sharing income 3:2:1. After the firms loss from liquidation is distributed,

Question:

Duncan, Tribe, and Ho are partners sharing income 3:2:1. After the firm’s loss from is distributed, the capital account balances were: Duncan, $15,000 Dr.; Tribe, $50,000 Cr.; and Ho, $40,000 Cr. If Duncan is personally bankrupt and unable to pay any of the $15,000, what will be the amount of cash received by Tribe and Ho upon Liquidation
Liquidation in finance and economics is the process of bringing a business to an end and distributing its assets to claimants. It is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations when they are due....