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Martha, Queen and Stuart are in the process of liquidating their partnership. They share profits and losses in a 2:3:1 ratio. Following is the current
Martha, Queen and Stuart are in the process of liquidating their partnership. They share profits and losses in a 2:3:1 ratio. Following is the current balance sheet for the partnership:
Cash | $90,000 | Liabilities | $80,000 |
Other assets | 200,000 | Martha, capital | 60,000 |
Queen, capital | 110,000 | ||
Stuart, capital | 40,000 | ||
Total assets | $290,000 | Total liabilities and capital | $290,000 |
If the other assets are sold for $191,000 calculate the amount that will be received by each of the partners upon the liquidation of the partnership.
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