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A local partnership has assets of cash $13,000 and land worth $70,000. All liabilities have been paid and the partners are all insolvent. The partners
A local partnership has assets of cash $13,000 and land worth $70,000. All liabilities have been paid and the partners are all insolvent. The partners capital accounts are as follows: Roberts, $50,000; Ferry, $30,000; and Mones $3,000. The partners share profits and loasses 5:3:2. If the land is sold for $45,000; how much cash will Mones receive in the final settlement?
a. $0
b.$1,500
c. $3,000
d. $21,750
e. $36,250
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