Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sameer, Hani, and Ali are partners in SHA Partnership. On 1/1/2021, they decide to liquidate their business. On 31/12/2020, and before closing the net income

image text in transcribed
Sameer, Hani, and Ali are partners in SHA Partnership. On 1/1/2021, they decide to liquidate their business. On 31/12/2020, and before closing the net income for 2020, you have the following accounts and balances: Cash $ 52,000 Non cash Assets 230,000 Liabilities 20,000 Sameer's capital 134,000 Hani's capital 78,000 Ali's capital 10,000 You know that: Net income for the year 2020 was $ 40,000. Non cash assets are sold for $160,000 cash Partners share incomel loss in a 4:3:3 ratio, respectively. Required: Calculate the amount of Cash distribution to Sameer, after the liquidation process is over. (Note: in the answer space, write only the number, with no $ signs or commas. That is, if your answer is $1,000, white it as : 1000 )

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Provider Audit In England Evaluating Medical Audit

Authors: James Buttery, Yvette; Walshe, Kieran; Rumsey, Moira; Amess, Moyra; Bennett, Jennifer & Coles

1st Edition

1898845034, 978-1898845034

More Books

Students also viewed these Accounting questions