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Jamal, Abdul, and Mira decide to end their partnership on January 1, 2018. The partnerships financial position at December 31, 2019, is as follows: Accounts
Jamal, Abdul, and Mira decide to end their partnership on January 1, 2018. The partnerships financial position at December 31, 2019, is as follows: Accounts Cash $100,000 payable $10,000 Inventories 20,000 Jamal capital (30%) 60,000 Abdul Equipment-net 60,000 capital (40%) 100,000 Other assets Mira 50,000 70,000 capital (30%) Loan to Jamal 10,000 $240,000 $240,000 Inventory, Equipment-net, and Other assets are immediately sold for $65,000. A contingency fund of $10,000 is kept and the cash is to be distributed immediately. Jamal is bankrupt at the time of liquidation. Required: Determine the amount of cash that should be paid to each partner
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