Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

fast Sameer. Hari, and Allore partners in SHA Partnership. On 1/1/2021, they decide to liquidate their business. On 31/12/2020, and before closing the net income

fast
image text in transcribed
Sameer. Hari, and Allore partners in SHA Partnership. On 1/1/2021, they decide to liquidate their business. On 31/12/2020, and before closing the net income for 2020. you have the folowing accounts and balances: Cash $ 52.000 Non cash Assets 215.000 Liabilities 5,000 Sameer's capital 134,000 Hani's capital 78,000 Ali's capital 10,000 You know that Net income for the year 2020 was $40.000. Non cash assets are sold for $160,000 cash Partners share income/loss in a 4:3.3 ratio, respectively. Required: Calculate the amount of Cash distribution to Sameer after the louidation process is over. with no $ signs or commas. That is, if your answer is $1,000, white it as : 1000)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Forensic And Investigative Accounting

Authors: Professor D. Larry Crumbley, Lester E. Heitger, G. Stevenson Smith

8th Edition

0808046241, 9780808046240

More Books

Students also viewed these Accounting questions

Question

=+c) What are the RRRs? Based on the RRRs, what action is best?

Answered: 1 week ago

Question

a. Did you express your anger verbally? Physically?

Answered: 1 week ago