Question
A balance sheet for the partnership of KK, LL and MM, who shares profit 2:1:1, respectively, shows the following balances just before liquidation, Cash 48,000,
A balance sheet for the partnership of KK, LL and MM, who shares profit 2:1:1, respectively, shows the following balances just before liquidation, Cash 48,000, Other Assets 238,000, liabilities 80,000, KK Capital 88,000, LL Capital 62,000, MM Capital 56,000. In the first month of liquidation, 128,000 was received on the sale of certain assets. liquidation expenses of 4,000 were paid, and additional liquidation expenses of 3,200 are anticipated before liquidation is completed. Creditors were paid 22,400. Available cash is distributed to the partners . What will be the cash to be received by each partner based on the above data?
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