Question
Partner Xiao is insolvent, having no personal assets and owes $50,000 to his personal creditors. Xiao is a partner with Williams and Zellin and the
Partner Xiao is insolvent, having no personal assets and owes $50,000 to his personal creditors. Xiao is a partner with Williams and Zellin and the partnership balance sheet is as follows:
Partnership Balance Sheet
Cash$240,000Liabilities $150,000
Xiao Capital40,000
Williams Capital30,000
Zellin Capital20,000
How much can Xiao's personal creditors claim against partnership cash
- $10,000
- $20,000
- $30,000
- $40,000
- $90,000
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Frank Woods Business Accounting Volume 1
Authors: Frank Wood, Alan Sangster
10th Edition
9780273681496
