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Prior to liquidation, the following information relates to the partnership: Partnership trial balance: Partnership trial balance: Partner Capital Cash Other Assets Liabilities Adams Beyer Chenery

Prior to liquidation, the following information relates to the partnership: Partnership trial balance:

Partnership trial balance:

Partner Capital

Cash

Other Assets

Liabilities

Adams

Beyer

Chenery

$25,000

$240,000

$200,000

$50,000

$(10,000)

$25,000

Profit and loss percentages

30%

30%

40%


On June 30, other assets with a book value of $160,000 were sold for $120,000, and all available cash with the exception of $20,000 was used to reduce the partnership liabilities. At that time, partners with debit (deficit) capital balances were required to contribute additional capital to whatever extent possible. On July 28, the remaining assets of the partnership were sold for $10,000. Once again, partners with debit (deficit) capital balances were required to contribute additional capital to whatever extent possible. Net personal assets of the partners were as follows:

Adams

Beyer

Chenery

June 30 balances:

Partner personal assets

$44,000

$31,000

$52,000

Partner personal liabilities

36,000

25,000

30,000

July 28 balances:

Partner personal assets

30,000

22,000

49,000

Partner personal liabilities

22,500

17,000

27,000


Required:

Assuming that the unsatisfied partnership creditors first look to Adams for satisfaction and then to Chenery, determine the amount to be contributed by each partner to satisfy the creditors.

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