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partnership liquidation Allen, Ben and Claire are partners who share profits and losses in the ratio of 5:2:3, respectively. On January 1, 2019, they decided
partnership liquidation Allen, Ben and Claire are partners who share profits and losses in the ratio of 5:2:3, respectively. On January 1, 2019, they decided to liquidate the partnership and the statement of financial position was prepared as follows: ASSETS LIABILITIES and CAPITAL Cash 10,000 Liabilities 12,000 Non-cash Assets 100,000 Ben, Loan 14,000 Claire. Loan 5,000 Allen, Capital 34,900 Ben, Capital 25,100 Claire, Capital 19.000 Total Assets 110,000 Total Liabilities and Capital 110,000 The following transactions occurred as a result of the liquidation process: Proceeds Cash withheld Book value of assets sold 24,000 14,000 30,000 4,000 January February March April Payment of liabilities 12,000 Payment of liquidation expenses 1,000 1.500 2,000 10,000 21,000 12,000 20,000 10,000 4,000 2.000 5,000 1. How much is the amount to be received by Allen, Ben and Claire for the month of January? 2. How much is the amount to be received by Allen, Ben and Claire for the month of February? 3. How much is the amount to be received by Allen, Ben and Claire for the month of March? 4. How much is the amount to be received by Allen, Ben and Claire for the month of April
partnership liquidation
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