Nelson, Osman, Peters, and Quincy have decided to terminate their partnership because of recurrent arguments among the partners The partnerships balance sheet when they decide to wind up follows During the winding up of the partnership, the other assets were sold for $100,000 and the accounts payab...

Nelson Osman Peters Quincy Capital balances at beginning of liquidation 15000 75000 75000 30000 a Partnership ratio of 3322 equals percentages of 30 3 ...

Nelson, Osman, Peters, and Quincy have decided to terminate their partnership because of recurrent arguments among the

Question:

Nelson, Osman, Peters, and Quincy have decided to terminate their because of recurrent arguments among the partners. The partnership€™s when they decide to wind up follows:

During the winding-up of the partnership, the other assets were sold for $100,000 and the accounts payable were paid. Osman and Peters are personally solvent, but Nelson and Quincy are personally insolvent.

Required
Determine the amount of cash each partner will receive from the final distributions of the partnership for each of the following independent cases of profit and loss ratios for Nelson, Osman, Peters, and Quincy respectively,
a. The partners share profits and losses in the ratio of 3:3:2:2.
b. The partners share profits and losses in the ratio of 3:1:3:3.
c. The partners share profits and losses in the ratio of3:1:2:4.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...